Volume Breakout (ValueRay)

Easy visuals on, if volume is way over average. Good for Mean Reverting. Higher Volume tends to higher breakout chances.

Please whisper me for for ideas how to make this better. Its a very simple script, but got some alpha. If you know how to improve, let me know and i will code it into.
Release Notes:
- Updated to PineScript Version 5
- Volume Breakout is now calculated via Standard Deviation than via Multiply
- Yellow Line = mean
- Red Column Volume = Volume below mean
- Green Column Volume = Volume above mean but below one Standard Deviation (chance 34.1%)
- Light Green Volume Breakout is above one Standard Deviation away from mean. Chances there are: 50% - 34.1 = 15.9%
Release Notes:
- Update Picture
- Naming of Inputs
Release Notes:
- color update for better visibilty
- code cleanup
Release Notes:
- Adding Price Gaps Up/Down on top of the Volume.
- The color of the Gaps equals the size of the Gap.
- You can define a minimum Gap percentage.
Release Notes:
- Adding "Volume Divergence": a small Triangle Up below the Volume, when the Price is going up, allthough the Volume is low and showing Relative Strength
- Adding a additional 4% Gap Up as a minimal Gap Up Break Out
- Performance Tweeks
Release Notes:
  • Better default values
  • Shows a warning on extreme moves
Release Notes:
  • Slight Color Changes
  • Better Symbols
  • Better Breakout Logic
Release Notes:
Better Visuals
  1. Colors (Cold to Warm)
  2. Middle Line as Moving Average

Small calculation changes

ValueRay ➤ Stock Screener and Value Analyser in Hedge-Fond Quality
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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