This script plots the ratio of each volume bar to the average daily volume of that specific bar (at that specific time of day).
You can see what the volume at the 09:30 (or whenever) bar looks like compared to the average volume at the same time during the previous X number of days.
The output can be read like a normal volume chart; however, you can see at a glance whether these is more volume than "normal" for that time of day.
A value of "2" would be 2x the "normal" volume; a value of "0.5" would be half.
Thus, if bars exceed the value of "1", you know that there is more volume than normal.
If the bar exceeds an adjustable threshold, it will change the color of the bar to yellow; otherwise it will be orange for values exceeding "1".
As a consequence to this approach, the plot is effectively normalized such that it obviates the need to scale up or down as volume changes throughout the day.
Notes:
If the settings are not set appropriately for your mode and time frame, the output will be incorrect/invalid!
Make sure you set the "Asset Mode" and "Time Frame (minutes)" to values that match your asset and chart setting. For example, if you are trading Futures on a 2m chart, set the Asset Mode to Futures and Time Frame to 2m. If you are trading crypto on a 5m chart, set the Asset Mode to 24/7 and Time Frame to 5m.
If you choose a "Look-back (Days)" setting that is too far back given the time frame, the script will produce an error. I suggest playing with settings from 1 (compares volume to the previous day's volume) to the highest number that doesn't break the script. For example, at a 2m time frame, the maximum look-back will be 6-7 depending on which mode you are using. Longer time frames allow larger look-back values. I find that the default value (6 Days) does a decent job in general.
You can see what the volume at the 09:30 (or whenever) bar looks like compared to the average volume at the same time during the previous X number of days.
The output can be read like a normal volume chart; however, you can see at a glance whether these is more volume than "normal" for that time of day.
A value of "2" would be 2x the "normal" volume; a value of "0.5" would be half.
Thus, if bars exceed the value of "1", you know that there is more volume than normal.
If the bar exceeds an adjustable threshold, it will change the color of the bar to yellow; otherwise it will be orange for values exceeding "1".
As a consequence to this approach, the plot is effectively normalized such that it obviates the need to scale up or down as volume changes throughout the day.
Notes:
If the settings are not set appropriately for your mode and time frame, the output will be incorrect/invalid!
Make sure you set the "Asset Mode" and "Time Frame (minutes)" to values that match your asset and chart setting. For example, if you are trading Futures on a 2m chart, set the Asset Mode to Futures and Time Frame to 2m. If you are trading crypto on a 5m chart, set the Asset Mode to 24/7 and Time Frame to 5m.
If you choose a "Look-back (Days)" setting that is too far back given the time frame, the script will produce an error. I suggest playing with settings from 1 (compares volume to the previous day's volume) to the highest number that doesn't break the script. For example, at a 2m time frame, the maximum look-back will be 6-7 depending on which mode you are using. Longer time frames allow larger look-back values. I find that the default value (6 Days) does a decent job in general.
Информация о релизе:
This script plots the ratio of each volume bar to the average daily volume of that specific bar (at that specific time of day).
Usage:
You can see what the volume of the 09:30 (or whenever) bar looks like compared to the average volume at the same time during the previous X number of days.
The output can be read like a normal volume chart; however, you can see at a glance whether there is more volume than "normal" for that time of day.
A value of "2" would be 2x the "normal" volume ; a value of "0.5" would be half.
Thus, if bars exceed the value of "1", you know that there is more volume than normal.
If the bar exceeds a user-adjustable threshold, it will change the color of the bar to yellow; otherwise it will be orange for values exceeding "1".
As a consequence to this approach, the plot is effectively normalized such that it obviates the need to scale up or down as volume changes throughout the day.
Notes:
This script currently only works for assets that trade 24/7 (crypto) or CBOE Futures hours. If the settings are not set appropriately for your mode and time frame, the output will be incorrect/invalid!
Make sure you set the "Asset Mode" and "Time Frame (minutes)" to values that match your asset and chart setting. For example, if you are trading Futures on a 2m chart, set the Asset Mode to Futures and Time Frame to 2m. If you are trading crypto on a 5m chart, set the Asset Mode to 24/7 and Time Frame to 5m.
If you choose a "Look-back (Days)" setting that is too far back given the time frame, the script will produce an error. I suggest playing with settings from "1" (compares volume to the previous day's volume) to the highest number that doesn't break the script. For example, at a 2m time frame, the maximum look-back will be "6" or "7" depending on which mode you are using. Longer time frames allow larger look-back values. I find that the default value (6 Days) does a decent job in general.
Usage:
You can see what the volume of the 09:30 (or whenever) bar looks like compared to the average volume at the same time during the previous X number of days.
The output can be read like a normal volume chart; however, you can see at a glance whether there is more volume than "normal" for that time of day.
A value of "2" would be 2x the "normal" volume ; a value of "0.5" would be half.
Thus, if bars exceed the value of "1", you know that there is more volume than normal.
If the bar exceeds a user-adjustable threshold, it will change the color of the bar to yellow; otherwise it will be orange for values exceeding "1".
As a consequence to this approach, the plot is effectively normalized such that it obviates the need to scale up or down as volume changes throughout the day.
Notes:
This script currently only works for assets that trade 24/7 (crypto) or CBOE Futures hours. If the settings are not set appropriately for your mode and time frame, the output will be incorrect/invalid!
Make sure you set the "Asset Mode" and "Time Frame (minutes)" to values that match your asset and chart setting. For example, if you are trading Futures on a 2m chart, set the Asset Mode to Futures and Time Frame to 2m. If you are trading crypto on a 5m chart, set the Asset Mode to 24/7 and Time Frame to 5m.
If you choose a "Look-back (Days)" setting that is too far back given the time frame, the script will produce an error. I suggest playing with settings from "1" (compares volume to the previous day's volume) to the highest number that doesn't break the script. For example, at a 2m time frame, the maximum look-back will be "6" or "7" depending on which mode you are using. Longer time frames allow larger look-back values. I find that the default value (6 Days) does a decent job in general.