Better Volume Indicator [BVI] ----------------------------------------- This is a direct port of a famous indicator from Tradestation platform.
BVI improves on your typical volume histogram by coloring the bars based on 5 criteria: * Volume Climax Up – high volume, high range, up bars (red) * Volume Climax Down – high volume, high range, down bars (white) * High Volume Churn – high volume, low range bars (green, barcolor= blue) * Low Volume – low volume bars (yellow) * Volume Climax plus High Volume Churn – both the above conditions (magenta)
When there are no volume signals the default histogram bar coloring is cyan.
Bars can also be colored to match volume color. Enable "Change BarColors?" in the options page.
Volume Climax Up bars are typically seen at: * The start of up trends * The end of up trends, and * Pullbacks during down trends.
Volume Climax Down bars are typically seen at: * The start of down trends * The end of down trends, and * Pullbacks during up trends.
High Volume Churn bars are typically seen at: * The end of up trends * The end of down trends, and * Profit taking mid-trend.
Low Volume bars are typically seen at: * The end of up trends * The end of down trends, and * Pullbacks mid-trend.
Instrument Volume ----------------------------------------- This is a simple script that allows you to plot volume for any instrument.
Very handy when you want to compare volumes. Just add multiple instances and select the symbol you want via Options page.
This script also gets close/open for the selected symbol. If you are itching to get started on Pinescripting (scripting language used at TV), I suggest trying out the following, using this script as the template: - Show RSI for any instrument (hint: "close" for the selected symbol is already in script. Do a "plot(rsi(c, 14))") - MACD / CCI / .... - Plot the difference (not correlation). This may be of interest in some instruments. For ex. BTC in BTCE exchange mostly lags BITSTAMP.
Hope this piques your interest in Pine. Feel free to post in the Pinescript room if you have any queries.
Awesome script like always! Just a question: what do the magenta lines mean? I'm not completely sure I understand.
Flaim
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Hello LazyBear
I cant see any option for "This is a simple script that allows you to plot volume for any instrument."
Have you removed this function? because I would really like to be able to compare volumes.
arkettenbach
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Hi LazyBear!
First a big THANKS for this great indicator! I really enjoy it!
One Question: Is it possible to get an alert, every time there is a High Climax Up or down bar? Does this need to be in the code or is there another way of doing this?
Old_Rosie
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Please could you tell me what is classed as high volume on this indicator ? for example is it set at 5% above the average volume over x amount of days? I would really appreciate being able to alter this. I have no pine script knowledge but I could change the number if given an idea of what is what . Thank you for any help in advance.
tapehound
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Awesome - I'm quickly becoming a fan of your work and wanted to say thanks for sharing.
One question:
Using default input settings, I'm seeing green bars being painted (also in histogram) when it's a large range bar with high volume. In your description, it says it's a high churn bar with a low range bar.
Link to example on Bitmex XBTYUSD contract 2Hr chart.
Thoughts? and thanks again.
carloscambridge
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@vlptrading, Friend, how did you do to color the bars and keep the histogram colored at the same time in tradingView?