This indicator classifies volume by how many standard deviations it sits from a moving average and colors that classification as a heatmap in a separate pane.
1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
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
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
Extra-high, high, medium, normal, and low bands use multiplier thresholds. Users can color volume bars, show zones as lines, backgrounds, or both, and switch between volume-only colors and up or down colors that also reflect candle direction. Length inputs change how quickly the average and deviation respond. It does not generate trade entries or exits.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
MA Length
int
610
length
Standard Deviation Length
int
610
slength
Extra High Multiplier
float
4
thresholdExtraHigh
High Multiplier
float
2.5
thresholdHigh
Medium Multiplier
float
1
thresholdMedium
Normal Multiplier
float
-0.5
thresholdNormal
Colored bars
bool
true
bcolor_enabled
Display Heatmap Zones as
string
Backgrounds
zmode
Color Mode
string
Heatmap
cmode
Extra High
input
chm1
chmthresholdExtraHigh
High
input
chm2
chmthresholdHigh
Medium
input
chm3
chmthresholdMedium
Show all 24 settings
Setting
Type
Default
Variable
Normal
input
chm4
chmthresholdNormal
Low
input
chm5
chmthresholdLow
Extra High
color
#00FF00
cupthresholdExtraHigh
High
color
#30FF30
cupthresholdHigh
Medium
color
#60FF60
cupthresholdMedium
Normal
color
#8FFF8F
cupthresholdNormal
Low
color
#BFFFBF
cupthresholdLow
Extra High
color
#FF0000
cdnthresholdExtraHigh
High
color
#FF3030
cdnthresholdHigh
Medium
color
#FF6060
cdnthresholdMedium
Normal
color
#FF8F8F
cdnthresholdNormal
Low
color
#FFBFBF
cdnthresholdLow
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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