MaestroTrader

VOLUME HIGHLIGHTER PANEL (CUSTOM) [MaestroTrader]

█ OVERVIEW

Volume highlighter panel provides volume insights to identify gradual increase or drop in volume or sudden volume urge that exceeds daily threshold.
It helps to determine the price behavior of the underlying Index/stock to make informed decisions while trading.

█ FEATURES

a) Displays Live SMA (20) Volume with color code. SMA Cells turns green if consecutive bar volume increases.
b) Live Volume Cell in table turns green if the volume is above average and turns red vice versa.
c) Threshold volume label appears when volume crosses the daily threshold limit.

Differences with the built-in version
This variation displays volume panel with additional volume insights for quick entry/exits.

█ SETTINGS

• Highlight Panel a) Configure Daily Volume Threshold b) configure Market session time c) Toggle highlighter on/Off d) Toggle Time on/Off (off) displays for whole period

Volume Panel a) Configure SMA b) configure volume bar criteria c) configure Panel Display Location d) Toggle Volume Panel on/Off

█ IMPORTANT

Price always moves from trending to trading phase. Volume in Trending phase is generally high compared to volume in sideways phase. You need to identify the right volume threshold in each of the trading phases and change the settings accordingly.


█ BANKNIFTY / NIFTY VOLUME SETTINGS

BANKNIFTY - 3 MIN -50K volume
NIFTY - 3 MIN 125 K volume
Thanks to OSPL Siva for Nifty /Bank Nifty volumes. These volumes differ from trending phase & consolidation phase so adjust the threshold settings accordingly.


█ THANKS

Thanks a lot to Pine Team for this new great feature table & ‘format. Volume’ ! Thanks to @author=LucF, for the 'volume' logic.

█ DISCLIAMER

Indicator is built for educational purposes. Please test it thoroughly before you start using it.
You are free to use the code, please share the credit for reuse.

Hope - All these features help you get quick insights of the price movement to take the informed trades.

Happy Trading !!
Release Notes: Minor fixes for dark theme. Added RSI value
RSI background Color Coding
RSI >80 Overbought (light green)
RSI > 60 Bullish. (green)
RSI Between 40 to 50 , Neutral (gray)
RSI <40 Bearish (red)
RSI<20 Oversold(light red)
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?

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