Calculates an Elastic Volume Weighted Moving Average (EVWMA), incorporating trading volume to dynamically adjust moving average responsiveness over a specified lookback length. It plots directly on the price chart as a single moving average line. Optional colo
Indicator · Pine Script v5 · On the chart
Candle Color by Volume
This indicator recolors candlestick bodies directly on the main price chart based on relative trading volume.
GitHub stars7on the repository
Pine versionv5runs as is
Lines of code44
Settings1inputs
LicenceNone statedfile: MPL-2.0
Last update4 months ago21 Jun 2026
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
44 lines of Pine Script v5 from volume/01-candle-color-by-volume.pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © the_MarketWhisperer
// Version 1.0
// (Based on a code that I found somewhere in the TV world)
// A simple indicator that paints candles with different shades of colors based on the volume transacted.
// Supports 6 levels of sensitivity at present.
// Darkest indicates the most volume transacted. Lightest, the least.
// Use it for your Volume Spread Analysis and/or in conjunction with any other strategies that you employ.
// Relative volume is calculated based on EMA (set to 20 period by default)
//@version=5
indicator(title='Candle Color by Volume', shorttitle='Candle Color by Volume', overlay=true)
length = input(20, 'MA Length')
volumeRatio = volume / ta.sma(volume, length)
isUp = close > open
//{
//=============================================================================================================================
//Green and red color repository. 1 = lightest / 6 = darkest
g_01 = #82E0AA
g_02 = #58D68D
g_03 = #2ECC71
g_04 = #28B463
g_05 = #239B56
g_06 = #1D8348
r_01 = #F1948A
r_02 = #EC7063
r_03 = #E74C3C
r_04 = #CB4335
r_05 = #B03A2E
r_06 = #943126
//-----------------------------------------------------------------------------------------------------------------------------
//}
color candleColor = na
if isUp
candleColor := volumeRatio > 2 ? g_01 : volumeRatio > 1.5 ? g_02 : volumeRatio > 1.2 ? g_03 : volumeRatio > 0.8 ? g_04 : volumeRatio > 0.4 ? g_05 : g_06
else
candleColor := volumeRatio > 2 ? r_01 : volumeRatio > 1.5 ? r_02 : volumeRatio > 1.2 ? r_03 : volumeRatio > 0.8 ? r_04 : volumeRatio > 0.4 ? r_05 : r_06
barcolor(candleColor)
Overview
Candle Color by Volume calculates volume relative to a simple moving average (SMA) over a user-defined length. Up bars and down bars are assigned one of six distinct color shades depending on how far the current volume exceeds or falls below the average. Traders can adjust the moving average length to customize the baseline relative volume sensitivity.
- Volume relative to SMA calculation
- Six-tier dynamic bar coloring
- Customizable volume SMA length
- Direct price chart overlay
Details
Published by
suyons on GitHub
Code credit
the_MarketWhisperer, as written in the script's header
Type
Indicator, Pine Script v5
Draws
On the price chart
Category
Volume
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| MA Length | int | 20 | length |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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