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OPEN-SOURCE SCRIPT

SuperTrend Volume [BigBeluga]

By BigBeluga
Updated
SuperTrend Volume [BigBeluga] is an advanced trend-following indicator that combines the traditional SuperTrend method with a normalized volume visualization inside trend bands, offering enhanced insight into market dynamics and volume activity.

🔵Key Features:
  • Dynamic Trend Bands: The indicator uses the SuperTrend methodology to plot upper and lower trend bands, which adapt dynamically to price movements. Green bands indicate an uptrend, while purple bands indicate a downtrend.
  • Normalized Volume Visualization:
  • Inside the trend bands, normalized volume is displayed to highlight the intensity of market participation during trends.
  • Users can choose between two visualization types:
  • Bars: Displays volume as vertical bars within the bands.
    snapshot
  • Area: Represents volume as a shaded area for a smoother look.
    snapshot
  • Color-Coded Trends: Trend direction is color-coded:
  • Green for bullish trends.
  • Purple for bearish trends.
    snapshot
  • Volume Labels: Each bar or area has a label showing the normalized volume value 0-4 for easier interpretation.
    snapshot
  • Trend Change Detection: Automatically identifies trend reversals by recalculating the SuperTrend levels and adjusting volume visualization accordingly.


🔵Usage:
  • Trend Identification: Use the color-coded trend bands to confirm the current market direction and identify potential reversals.
  • Volume Confirmation: Assess the strength of trends using normalized volume inside the bands. Higher normalized volume indicates stronger market conviction.
  • Peak Volume can be a signal of the mean reversion of pricesnapshot
  • Customization: Adjust the visualization type (bars or area) based on personal preference or analysis needs.
  • Dynamic Updates: Use volume labels and trend bands to stay updated on market shifts and trading opportunities in real time.


SuperTrend Volume [BigBeluga] is a versatile tool suitable for traders who want to combine trend analysis with volume dynamics for a more comprehensive view of the market. It is ideal for identifying trend strength, detecting reversals, and gauging the participation of market players during directional moves.
Release Notes
- Added Colors
snapshot
Release Notes
- Added Colors
snapshot
Release Notes
- Max Volume Color
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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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