OPEN-SOURCE SCRIPT
Volume Delta Candles [LuxAlgo]
Volume Delta Candles provides insights about Intrabar trading activity in an easy-to-interpret manner. Lower timeframe or real-time data is used for displaying Volume Delta percentage against the total volume as a coloured bar part.
The script also highlights the intrabar price with the maximum trading activity, as well as complementary information.
🔶 USAGE
The tool focuses on intrabar volume to provide more information about the trading activity associated with a candle, without having to use an external volume indicator.
Each indicator components is further explained below:
🔹 Volume Delta
The volume delta is obtained by the difference between buy volume and sell volume, where buy volume is the volume associated with a bullish intrabar candle, and sell volume with a bearish intrabar candle.
Positive volume delta is displayed with a green candle area, while negative delta is displayed with a red candle area.
🔹 Bar Coloring
The script displays VD as a percentage of the whole, or from the candle half, depending on the setting 'Display'.
Bars can be coloured as follows:
A negative VD (more bearish than bullish volume) will fill the bar from the top (or centre) of the bar towards the bottom, and a positive VD will fill a bar from the bottom (or centre) of the bar towards the top.
A negative VD on a green candle will show a red-coloured VD against a green-bordered candle. On the other hand, a positive VD on a red candle will show a green-coloured VD against a red-bordered candle.
Colours for VD sentiment opposite to the candle sentiment can be set differently if desired.
🔹 Highest Volume Price Level
The script displays a white (black on light mode) line highlighting the intrabar price level with the highest volume.
When 'Show Previous Max Volume Price' is checked, a white (black on light mode) dot is displayed 1 bar to the right.
🔶 DETAILS
🔹 Tick/LTF data
The above example used Lower TimeFrame (LTF) data.
The following example uses real-time tick data (Settings -> Data From)
Both options, LTF or tick data, will show a vertical dotted line where the data starts.
🔹 LTF settings
When 'Data from' LTF is chosen and 'Auto' enabled, the LTF will be the nearest possible x times smaller TF than the current TF. When 'Premium' is disabled, the minimum TF will always be 1 minute to ensure TradingView plans lower than Premium don't get an error.
Examples with current Daily TF (when Premium is enabled):
🔹 Notes
🔶 SETTINGS
🔹 Intrabar Data
🔹 Table
🔹 Details
See USAGE for more information
The script also highlights the intrabar price with the maximum trading activity, as well as complementary information.
🔶 USAGE
The tool focuses on intrabar volume to provide more information about the trading activity associated with a candle, without having to use an external volume indicator.
Each indicator components is further explained below:
🔹 Volume Delta
The volume delta is obtained by the difference between buy volume and sell volume, where buy volume is the volume associated with a bullish intrabar candle, and sell volume with a bearish intrabar candle.
Positive volume delta is displayed with a green candle area, while negative delta is displayed with a red candle area.
🔹 Bar Coloring
The script displays VD as a percentage of the whole, or from the candle half, depending on the setting 'Display'.
Bars can be coloured as follows:
- Full (100%) when Display is set at 'Full Bar'
- Half (50% or 100% of half a bar) when Display is set at 'Half Bar'
A negative VD (more bearish than bullish volume) will fill the bar from the top (or centre) of the bar towards the bottom, and a positive VD will fill a bar from the bottom (or centre) of the bar towards the top.
A negative VD on a green candle will show a red-coloured VD against a green-bordered candle. On the other hand, a positive VD on a red candle will show a green-coloured VD against a red-bordered candle.
Colours for VD sentiment opposite to the candle sentiment can be set differently if desired.
🔹 Highest Volume Price Level
The script displays a white (black on light mode) line highlighting the intrabar price level with the highest volume.
When 'Show Previous Max Volume Price' is checked, a white (black on light mode) dot is displayed 1 bar to the right.
🔶 DETAILS
🔹 Tick/LTF data
The above example used Lower TimeFrame (LTF) data.
The following example uses real-time tick data (Settings -> Data From)
Both options, LTF or tick data, will show a vertical dotted line where the data starts.
🔹 LTF settings
When 'Data from' LTF is chosen and 'Auto' enabled, the LTF will be the nearest possible x times smaller TF than the current TF. When 'Premium' is disabled, the minimum TF will always be 1 minute to ensure TradingView plans lower than Premium don't get an error.
Examples with current Daily TF (when Premium is enabled):
- 500 : 3 minute LTF
- 1500 (default): 1 minute LTF
- 5000: 30 seconds LTF (1 minute if Premium is disabled)
🔹 Notes
- Different LTFs give different data, which means different results; this doesn't mean it isn't correct; they are just different data sets.
(LTF is displayed at the top right corner) - To ensure maximum visibility of values, we recommend using Bars from the Bar's style menu.
🔶 SETTINGS
- Data from: Lower TimeFrame or real-time Tick data
- Resolution: LTF setting
- Auto + multiple: Adjusts the initial set resolution
- Premium: Enable when your TradingView plan is Premium or higher
🔹 Intrabar Data
- Colours
- Display: Full/Half bar
- Show previous max volume price: White/black dot, showing previous highest volume price level
🔹 Table
- Show TF: Show LTF at the top right corner
- Colour + table text size
🔹 Details
- Show details: label with 'Volume', 'Delta' (VD) and '%'
See USAGE for more information
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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Join our 150k+ community: discord.gg/lux
All content provided by LuxAlgo is for informational & educational purposes only. Past performance does not guarantee future results.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.