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RektNoodle

Volume Density w/barcolor

RektNoodle Updated   
Volume Volume Indicator volumeanalysis VSA
287
1
volumestudies volume volumeanalysis vsa
Opacity limit set to 70 min & barcolor overlay
The transparency of each candle is based on volume density.
Volume density is calculated as follows.
Volume density = Volume / Price range
Price range uses true range "max(high - low, abs(high - close), abs(low - close))".
Since volume density varies drastically by stock or time, the transparency is calculated based on the deviation rate from the average volume density.

snapshot
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.

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