LastBattle

Dollar normalized volume

An indicator that multiply the closing price with the current volume . (close X volume )

This will show the relative interest in the underlying asset regardless of the price change over time. For the case of FXCM, when the price fell from $16 to $1, its volume spiked 16x at the same time given the fact that 16x more shares can now be purchased with the same amount of dollar.

Enjoy! and remember to give a thumbs up.
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study("dollar normalized volume", shorttitle="dollar normalized volume")

getVolume(closed, volumed) => closed * volumed

val = getVolume(close, volume)

// draw one that's 3x the price, so we can fake that bars to half itself
//plot(val * 1.5, title='Volume (Invisible)', color=black, transp=100, linewidth=0, style=columns)
plot(val, title='Volume', color=gray, transp=0, linewidth=0, style=columns)
Very healthy idea, thanks.
+1 Reply
Do uncomment out the following line:

'plot(val * 1.5, title='Volume (Invisible)', color=black, transp=100, linewidth=0, style=columns)'

if you're looknig to display it on the main chart itself:

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