OPEN-SOURCE SCRIPT

Volume Z-Score Bar Color

Updated
A simple script help you identify significant upticks in volume for a particular candle.

Using the standard z-score calculation you can change the bar color based on the user selected standard deviation range.

Calculation
z = (x - μ) / σ, where:
z: is the z-score
x: is the current volume
μ: is the mean volume
σ: is the standard deviation

Options include setting the bottom and top end of the deviation range. This will allow you to see a moderated uptick in volume as well as an extreme uptick. You can also choose the colors for the moderate bull/bear volume and extreme bull/bear volume.
Release Notes
Updated option to chose median or mean as the averaging calculation
Release Notes
Added volume bars that change colors along with the chart.
Release Notes
Code clean up.
Release Notes
Updating formatting to condense the volume scale
Volume

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.

Want to use this script on a chart?

Disclaimer