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.
Notes de version
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Fixed bug where 2- and 3- sigma levels didn't update with changes to volume average type.
Notes de version
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1) Added a sigma-4 level to the possible volume tiers, represented by white bars/candle colors.
Notes de version
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Added a toggle for the volume moving average plots and cleaned up some color code.
Notes de version
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Fixed a problem whereby the blue volume average MA didn't hide when intended.
Notes de version
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Added a toggle for ignoring extended hours when calculating the volume averages.
Notes de version
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Removed an obsolete settings option and cleaned up some code.
Thanks Sir,
Great work,
Can you Pls explain, how to work Buying & Selling presser work on chart & also can you add this chart high volume candle upper & lower lines
@colejustice, thanks to reply, yes sir we are looking this draw line.
arpitjpatel
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hey, i liked yr script and the logic
but the scaling is off . how to use it on nse indices and stocks without tinkering the settings everytime
Pratik_4Clover
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Probably the most readable script related to VSA on TV. Thanks!
bunulu
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Great work
zschonn
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Remarkable talent ! just mention one thing that pointed out. it would be greatest volume indicator, if you would added candle choices, that could be 20 or more. Thanks & good luck !
raincolle
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I like this one
XiaoXiao686
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Why is my volume position not at the bottom?
Rawls
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@XiaoXiao686, did you solve this? I have the same issue
Great work,
Can you Pls explain, how to work Buying & Selling presser work on chart & also can you add this chart high volume candle upper & lower lines
Thanks again