OPEN-SOURCE SCRIPT
Volume Indicator VS
idea take from Alexander Elder, author of: The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management
Meaning of colouring:
- Green bar Volume: If we look back certain numbers of volume bars, higher close price and higher volume.
- Blue bar Volume: If we look back certain numbers of volume bars, higher close price and lower volume.
- Red bar Volume: If we look back certain numbers of volume bars, lower close price and higher volume.
- Orange bar Volume: If we look back certain numbers of volume bars, lower close prince and lower volume.
- Grey bar Volume: If we look back certain numbers of volume bars, same price and same volume.
Meaning of colouring:
- Green bar Volume: If we look back certain numbers of volume bars, higher close price and higher volume.
- Blue bar Volume: If we look back certain numbers of volume bars, higher close price and lower volume.
- Red bar Volume: If we look back certain numbers of volume bars, lower close price and higher volume.
- Orange bar Volume: If we look back certain numbers of volume bars, lower close prince and lower volume.
- Grey bar Volume: If we look back certain numbers of volume bars, same price and same volume.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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