shtcoinr

Volume Based S/R

I got a question if it would be possible to Automatically draw S/R levels based on Volume rather than RSI as I had earlier done in this script; Well it certainly is and it looks as though it might even be tradeable.

The indicator compares the size of volume bars so that if there is a noticeable increase in volume (noticeable here meaning above the indicator threshold) it marks the bar high and low prior to the bigger volume candle.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?