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tmsiqueira

Volumes on Candle

tmsiqueira  
Volume Volume Indicator
243
1
volumestudies volume
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:
  • 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.
Colored Volumes Histogram
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.

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.

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