OPEN-SOURCE SCRIPT
Wyckoff Volume Color
This volume indicator is intended to be used for the Wyckoff strategy.
Green volume bar indicates last price close above close 10 days ago together with volume larger than 2 * SMA(volume, 20)
Blue volume bar indicates last price close above close 10 days ago together with volume less than 2 * SMA(volume, 20)
Orange volume bar indicates last price close lower than close 10 days ago together with volume less than 2 * SMA(volume, 20)
Red volume bar indicates last price close lower than close 10 days ago together with volume larger than 2 * SMA(volume, 20)
The main purpose is to have green bars with a buying climax and red bars with a selling climax.
Three variables can be changed by simply pressing the settings button.
How many days back the closing price is compared to. Now 10 days.
How many times the SMA(volume) is multiplied by. Now times 2.
How many days the SMA(volume) consists by. Now 20 days.
Green volume bar indicates last price close above close 10 days ago together with volume larger than 2 * SMA(volume, 20)
Blue volume bar indicates last price close above close 10 days ago together with volume less than 2 * SMA(volume, 20)
Orange volume bar indicates last price close lower than close 10 days ago together with volume less than 2 * SMA(volume, 20)
Red volume bar indicates last price close lower than close 10 days ago together with volume larger than 2 * SMA(volume, 20)
The main purpose is to have green bars with a buying climax and red bars with a selling climax.
Three variables can be changed by simply pressing the settings button.
How many days back the closing price is compared to. Now 10 days.
How many times the SMA(volume) is multiplied by. Now times 2.
How many days the SMA(volume) consists by. Now 20 days.
Script open-source
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