OPEN-SOURCE SCRIPT
Extreme Volumes
The aim of this volume indicator is quite simple: to pinpoint extreme volume spikes and how unusual these extremes are in comparison to all the chart's volumes.
The label displayed at the end of the indicator updates according to the settings you choose;
It shows the volume EMA length and how many times (the EMA) the current volume bar as to be above to be considered extreme.
Finally, the percentage at the end of the label tells how unusual the defined extreme volumes are compared to the whole chart's volumes (the smaller the percentage, the more unusual these "extreme" volumes are).
The label displayed at the end of the indicator updates according to the settings you choose;
It shows the volume EMA length and how many times (the EMA) the current volume bar as to be above to be considered extreme.
Finally, the percentage at the end of the label tells how unusual the defined extreme volumes are compared to the whole chart's volumes (the smaller the percentage, the more unusual these "extreme" volumes are).
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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