OPEN-SOURCE SCRIPT
Volume Density w/barcolor
Updated
Opacity limit set to 70 min & barcolor overlay
The transparency of each candle is based on volume density.
Volume density is calculated as follows.
Volume density = Volume / Price range
Price range uses true range "max(high - low, abs(high - close), abs(low - close))".
Since volume density varies drastically by stock or time, the transparency is calculated based on the deviation rate from the average volume density.
https://www.tradingview.com/x/BUsZAwcg/
The transparency of each candle is based on volume density.
Volume density is calculated as follows.
Volume density = Volume / Price range
Price range uses true range "max(high - low, abs(high - close), abs(low - close))".
Since volume density varies drastically by stock or time, the transparency is calculated based on the deviation rate from the average volume density.
https://www.tradingview.com/x/BUsZAwcg/
Release Notes
This update adds 20+ color settings and removes the bars in favor of candle plots, lines, bars. see belowhttps://s3.tradingview.com/snapshots/8/8Z0voJFq.png
https://s3.tradingview.com/snapshots/u/uXEGKrFW.png
https://s3.tradingview.com/snapshots/2/2HSqOo51.png
https://s3.tradingview.com/snapshots/0/0rpVk2hL.png
https://s3.tradingview.com/snapshots/x/XlOdDzmp.png
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.
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.