- Define the number of bars to find the highest volume used as a basis.
- Apply a simple moving average to smoothen the volume. Set it to 1 to disable smoothing.
- Define a threshold differentiating low and high volume.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.