OPEN-SOURCE SCRIPT
High Volume Bars
This indicator highlights the highest volume bullish and bearish bars within a specified lookback period. It provides a visual representation of significant volume activity, which can be useful for identifying potential trend reversals or continuations.
Key Features:
The indicator scans the specified number of previous bars to identify the highest volume bullish and bearish bars. It then colors these bars and draws filled areas to make them stand out on the chart. This can help traders quickly spot areas of significant buying or selling pressure.
Use this indicator to:
Adjust the lookback period to fine-tune the indicator's sensitivity to recent volume activity. A longer lookback period will identify more significant volume events, while a shorter period will be more responsive to recent changes.
Note: This indicator is best used in combination with other technical analysis tools and should not be relied upon solely for making trading decisions.
Key Features:
- Customizable lookback period to find highest volume bars
- Lime-colored bars for bullish (up) volume
- Fuchsia-colored bars for bearish (down) volume
- Filled areas between high and low of highest volume bars
- Easy-to-read visual cues for volume analysis
The indicator scans the specified number of previous bars to identify the highest volume bullish and bearish bars. It then colors these bars and draws filled areas to make them stand out on the chart. This can help traders quickly spot areas of significant buying or selling pressure.
Use this indicator to:
- Identify potential support and resistance levels
- Spot volume-based trend reversals
- Confirm breakouts or breakdowns
- Enhance your volume analysis in conjunction with price action
Adjust the lookback period to fine-tune the indicator's sensitivity to recent volume activity. A longer lookback period will identify more significant volume events, while a shorter period will be more responsive to recent changes.
Note: This indicator is best used in combination with other technical analysis tools and should not be relied upon solely for making trading decisions.
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