OPEN-SOURCE SCRIPT

Volume & Range Spike Diamond

Updated

Volume & Range Spike Diamond
Detect significant volume and price range breakouts directly on your chart with this intuitive indicator.

This TradingView indicator highlights bullish and bearish breakout opportunities by analyzing both volume and price range spikes. Perfect for identifying strong market movements in real-time.

Key Features:

Volume Increase Threshold (%): Customize the percentage increase in volume required to trigger a spike.
Price Range Increase Threshold (%): Define the percentage increase in the price range for additional precision.
Volume Lookback Period: Set the number of bars to calculate the average volume for comparison.
Bullish and Bearish Signals: Highlights bullish spikes below bars and bearish spikes above bars using colored diamonds.
Detailed Labels: Optionally display labels with percentage increases for volume and range.
Alerts Integration: Receive notifications for bullish and bearish breakout conditions.

How It Works:

The indicator compares the current bar's volume to the average volume of previous bars over the specified lookback period.
It also evaluates the price range (high - low) of the current bar against the previous bar.
If both volume and price range exceed their respective thresholds, a breakout condition is flagged.
Bullish spikes are displayed with upward-pointing diamonds below the bars, while bearish spikes use downward-pointing diamonds above the bars.
Optional labels show detailed percentage increases for both metrics.

Customization Options:

Pine Script®

Alerts Configuration:

Bullish Volume Breakout: Triggered when a bullish spike is detected.
Bearish Volume Breakout: Triggered when a bearish spike is detected.

Enhance your trading strategy by detecting high-probability breakout opportunities with this reliable indicator!

Release Notes

Added market hours configuration.

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?

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Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.