Point-Clip Unified Indicator plots breakout and directional labels on the price chart. It scores volume spikes against a volume average, range or opening-range breaks, optional VWAP or session-anchored VWAP, fast and slow EMA trend, and a higher-timeframe EMA
Indicator · Pine Script v5 · On the chart
Volume Bar Colors
This indicator highlights price candles based on unusual volume expansion and directional volume imbalance.
GitHub stars24on the repository
Pine versionv5runs as is
Lines of code32
Settings7inputs
LicenceMPL-2.0
Last update4 years ago5 Oct 2022
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
32 lines of Pine Script v5 from Volume Bar Colors.pine, published under MPL-2.0. 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/
// © benso87
//@version=5
indicator("Volume Bar Colors", shorttitle='Volume Bars', overlay=true, max_bars_back=500)
// inputs
showBuy = input.bool(true, title='Buy Volume', inline='1', group='Volume')
highBuyColor = input.color(color.yellow, title='', inline='1', group='Volume')
showSell = input.bool(true, title='Sell Volume', inline='2', group='Volume')
highSellColor = input.color(color.orange, title='', inline='2', group='Volume')
bsRatio = input.float(2, title='Buy/Sell Ratio (2 = 200%)', inline='3', group='Volume')
volRatio = input.float(2, title='Total Volume Ratio (2 = 200%)', inline='3', group='Volume')
volPeriod = input.int(20, title='Volume Moving Average', inline='4', group='Volume')
// calculations
buyVol = high == low ? 0 : volume * (close - low) / (high - low)
sellVol = high == low ? 0 : volume * (high - close) / (high - low)
highVol = volume >= volRatio * ta.sma(volume, volPeriod)
highBuy = showBuy and highVol ? buyVol >= (bsRatio * buyVol[1]) and buyVol > sellVol : na
highSell = showSell and highVol ? sellVol >= (bsRatio * sellVol[1]) and sellVol > buyVol : na
// plots
barcolor(highBuy ? highBuyColor : highSell ? highSellColor : na)
// debug
// plotchar(buyVol, title='buyVol', location=location.abovebar, color=color.new(color.white, transp=100))
// plotchar(sellVol, title='sellVol', location=location.abovebar, color=color.new(color.white, transp=100))
// plotchar(buyVol[1], title='prev buyVol', location=location.abovebar, color=color.new(color.white, transp=100))
// plotchar(sellVol[1], title='prev sellVol', location=location.abovebar, color=color.new(color.white, transp=100))
Overview
Volume Bar Colors estimates buying and selling volume from the close position relative to the bar range. When total volume exceeds a multiple of its moving average, the script checks if buying or selling volume surpasses the opposing side and exceeds the prior bar by a configurable ratio. Qualifying candles are painted with custom colors directly on the main chart pane.
- intra-bar buy and sell volume estimation
- volume moving average threshold filter
- buy to sell volume ratio comparison
- customizable candlestick bar coloring
Details
Published by
benso87 on GitHub
Type
Indicator, Pine Script v5
Draws
On the price chart
Category
Volume, Candlestick patterns
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 |
|---|---|---|---|
| Buy Volume | bool | true | showBuy |
| highBuyColor | color | color.yellow | highBuyColor |
| Sell Volume | bool | true | showSell |
| highSellColor | color | color.orange | highSellColor |
| Buy/Sell Ratio (2 = 200%) | float | 2 | bsRatio |
| Total Volume Ratio (2 = 200%) | float | 2 | volRatio |
| Volume Moving Average | int | 20 | volPeriod |
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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