OPEN-SOURCE SCRIPT
Volumes on Candle
This script uses standard deviation of volume from the mean to color the candles.
IMPORTANT: Hide original candle, clicking in the "eye" near title.
I prefer use large Length input for more stability at mean and standard deviation values.
Uses 5 colors, by default:
I coded another script, called "Colored Volumes Histogram". It uses the same idea, but color directly the volume histogram. https://br.tradingview.com/script/8XYEKJBs/
IMPORTANT: Hide original candle, clicking in the "eye" near title.
I prefer use large Length input for more stability at mean and standard deviation values.
Uses 5 colors, by default:
- Red = Volume >= 4 stdev;
- Orange = 4 stdev > Volume >= 2.5 stdev;
- Yellow = 2.5 stdev > Volume >= 1 stdev;
- White = 1 stdev > Volume >= -0.5 stdev;
- Aqua = -0.5 stdev > Volume.
I coded another script, called "Colored Volumes Histogram". It uses the same idea, but color directly the volume histogram. https://br.tradingview.com/script/8XYEKJBs/
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.
Disclaimer
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