Volume peak based zones

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This is a simple but effective indicator based on simple volume.

What does this indicator for you:

Zones are drawn on the basis of volume peaks. It is used for this purpose the closing price to the high or to the low depending on the direction of the candle.

How can this be used:

With volume peaks one assumes that a movement has reached your end for the time being or a new movement is initiated.
This cannot be verified by simple volume alone.

If a zone is displayed is now to pay attention to the following:

Narrow zone: indicate when creating mostly a continuation of the trend. Can later, however, be used as support or resistance.

Medium zones: The price is in an accumulation phase. Here is crucial, whether a candle with increased volume (preferably above the volume SMA) arises and the high or the low of the zone by closing price leaves. Accordingly, a short or long position can be taken. As SL, the high or low of the zone or the candle itself can be used.

Large zones: The high and low of the zone indicate a range in which the price will stay in the near future. The low or the high can be used as a once if the price does not leave the zone despite high volume at the close.
Otherwise, this can be interpreted as a breakout.

Principles of Volume:
Rising Volume at Rising Price = Intact Trend
Rising Volume at Falling Price = Intact Trend
Falling volume at rising price = correction movement
Falling volume at falling price = correction movement

Have Funn!!
Notes de version:
Added the function to be able to define the top the bottom and the center of the boxes. It is now possible to select whether close, open, high, low should be used to draw the boxes.

Script open-source

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