Welkin Advanced Volume Study (for VSA)

This is a translation of Welkin's Advanced Volume Study Indicator originally written for ThinkOrSwim. This version is simpler than Welkin's and attempts to streamline that basic functionality for beginners to Volume Spread Analysis.

This can be used to replace the built-in volume bar with a more advanced version that is designed to facilitate Volume Spread Analysis. The basic idea is to clearly call out areas of high and low volume that help a trader determine where to "Smart Money" may be attempting to move the market. Volume is an incredible powerful tool for the retail trader; learn how to use it.

Grey bar are Below Average volume .
Blue bars are Average Volume , from a 20sma of volume .
Orange bars are 2-sigma (or 2 standard deviations) above average.
Magenta bars are 3-sigma (3 standard deviations) above average.
The plotted lines represent these levels.

Yellow bars have relatively higher volume compared to the previous bar.

The study can also apply these same colors to the price candles themselves, as well as showing buying and selling pressure of the volume bars.

Notas de prensa:

Fixed bug where 2- and 3- sigma levels didn't update with changes to volume average type.

Notas de prensa:

1) Added a sigma-4 level to the possible volume tiers, represented by white bars/candle colors.

Notas de prensa:

Added a toggle for the volume moving average plots and cleaned up some color code.

Notas de prensa:

Fixed a problem whereby the blue volume average MA didn't hide when intended.

Notas de prensa:

Added a toggle for ignoring extended hours when calculating the volume averages.

Notas de prensa:

Removed an obsolete settings option and cleaned up some code.

If you like this indicator, check out some of my other work here!

Notas de prensa:

• Added tooltips to better explain input options.
  
• Split volume bar and moving average plot visibility levels and default the MAs to much more transparent to improve readability.
  

Notas de prensa:

• Upgraded to PineScript v5
  
• Improved use of "security" function to improve accuracy of higher timeframe buy/sell strength.
  

Notas de prensa:

• Cleaned up inputs and added more customization options for colors and candle painting.