OPEN-SOURCE SCRIPT
Colored Volumes Histogram
This colored volumes histogram uses standard deviation from the mean to color bars.
I prefer use large Length input for more stability at mean and standard deviation values.
Uses 5 colors, by default:
I coded another script, called "Volumes on Candles". It uses the same idea, but color directly the candle. https://br.tradingview.com/script/w5ISqPxw/
I prefer use large Length input for more stability at mean and standard deviation values.
Uses 5 colors, by default:
- Red = Volume >= 4 stdev;
- Orange = 4 stdev > Volume >= 2.5 stdev;
- Yellow = 2.5 stdev > Volume >= 1 stdev;
- White = 1 stdev > Volume >= -0.5 stdev;
- Aqua = -0.5 stdev > Volume.
I coded another script, called "Volumes on Candles". It uses the same idea, but color directly the candle. https://br.tradingview.com/script/w5ISqPxw/
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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