OPEN-SOURCE SCRIPT
Smart Scalper V7 [Churn Filter]
Indicator uses relative volume by time as well as ADX to highlight if volume is high to prevent trading in chop or being faked out.
Dec 1
Release Notes
How to Read the "Traffic Light" 🚦
You asked: "How do I work out if volume is higher or lower?" Look at the White Horizontal Line running across the indicator.
Height (Quantity):
Above the Line: Volume is High (The crowd is here).
Below the Line: Volume is Low (Everyone is at lunch).
Color (Quality):
🟢 Green: High Volume + Strong Trend. (Best for Entries).
🟡 Yellow: High Volume but NO Trend. This is usually a Reversal or a Trap. (Big fight, no winner yet).
🟠 Orange: Trending, but on Low Volume. The price is drifting. Don't trust it—it can snap back easily.
🔴 Red: Low Volume, No Trend. The "Kill Zone." Do not trade.
Dec 1
Release Notes
How to Read the "Traffic Light" 🚦
You asked: "How do I work out if volume is higher or lower?" Look at the White Horizontal Line running across the indicator.
Height (Quantity):
Above the Line: Volume is High (The crowd is here).
Below the Line: Volume is Low (Everyone is at lunch).
Color (Quality):
🟢 Green: High Volume + Strong Trend. (Best for Entries).
🟡 Yellow: High Volume but NO Trend. This is usually a Reversal or a Trap. (Big fight, no winner yet).
🟠 Orange: Trending, but on Low Volume. The price is drifting. Don't trust it—it can snap back easily.
🔴 Red: Low Volume, No Trend. The "Kill Zone." Do not trade.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.