OPEN-SOURCE SCRIPT

Large volume indicator to show the price above/below

Updated

Large volume is meaningful that usually the current price above the highest price of the bars with largest volume usually means uptrend in the short-term.
In the opposite, below it means downtrend.
I coded this indicator to save the efforts to compare it, make it easily to tell the uptrend/downtrend by above/below and color.
Hope you guys enjoy it, and welcome to comment.

The Inputs:
Length:the largest volume of bars of the total bars numbers.
Color:the above/below colors.
Text:Remind this line is large volume R/S.

You can find the video tutorial in my ideas sharing.

Release Notes

Hi,Guys,
According to feedbacks of invisible,

1.I move the label to the right.
2.The background color of label can be self-defined.
3.Make the line thicker.

Thanks for comment and share how you feel when using it.

Release Notes

Hi,guys,
According to feedback of indicator, some modified functions as below:
1.Self-defined extend the line to the left largest volume bar or not.(Default is yes)
2.Self-defined the width of line (1-4) to be visible.(Default is 1, thinnest)

Hope you guys enjoy it, and welcome to leave your comments below.
Thanks.

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.

Want to use this script on a chart?

Quant_David

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.