This indicator is a tool that shows a relative view of the trading volume and classifies the volume into 5 different levels and makes it easy to compare it in different periods.
It is also specifically designed for detecting failed (fake) breakouts.
How it works?
This tool uses something similar to Bollinger Bands , but with more bands.
I used two standard...
Shows 2 different states of breakout:
Arrow = unusual volume, raising volume, positiv rate of change, standard deviation breakout
Bolt = very unusual volume, very high standard deviation breakout
