OPEN-SOURCE SCRIPT
Bogdan Ciocoiu - Greuceanu
Description
This indicator is an entry-level script that simplifies volume interpretation for beginning traders.
It is a handy tool that removes all the noise and focuses traders on identifying potential smart money injections.
Uniqueness
This indicator is unique because it introduces the principle of a moving average in the context of volume and then compares it with tick-based volume.
Its uniqueness is reflected in the ability to colour code each volume bar based on the intensity of each relevant (volume) unit whilst comparing it with the volume moving average.
Another benefit of this indicator is the colour coding scheme that removes volume below a particular threshold (default set to 1) under the volume moving average.
In addition to the above features, the indicator differentiates the colour of each bar by price direction.
Open source re-use
To achieve this functionality several open source indicators have been used an integrated within the current one.
This indicator is an entry-level script that simplifies volume interpretation for beginning traders.
It is a handy tool that removes all the noise and focuses traders on identifying potential smart money injections.
Uniqueness
This indicator is unique because it introduces the principle of a moving average in the context of volume and then compares it with tick-based volume.
Its uniqueness is reflected in the ability to colour code each volume bar based on the intensity of each relevant (volume) unit whilst comparing it with the volume moving average.
Another benefit of this indicator is the colour coding scheme that removes volume below a particular threshold (default set to 1) under the volume moving average.
In addition to the above features, the indicator differentiates the colour of each bar by price direction.
Open source re-use
To achieve this functionality several open source indicators have been used an integrated within the current one.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.