OPEN-SOURCE SCRIPT
Updated Up/Down Volume Delta %
this script is based on FractalTrade_'s rendition of the up/down volume bars.
the shortcomings of that chart were that large volume bars caused the auto-scaling to shrink smaller volume bar displays to the point where much of the data was too small to see.
in this chart, the bars are displaying the percent delta out of the total bar volume. this way, large overall volume bars do not cause visual compression to everything else in the chart.
I've used color modulation to indicate relation to a relative volume point, so users can still tell when overall volume is large or small. when volume is under a moving average, the bars will display at a basis transparency. when the volume is over the average, the brightness will increase up to a specific ratio of volume defined by the user.
for example, if basis transparency is at 20, and the full opacity ratio is at 3, and the volume average is at 1M, a volume of 750k will display the delta bar at the basis transparency. a volume of 3M will achieve full brightness. a volume of 2M will display with moderate brightness (about 60%), but still stand out against other bars with basis transparency.
areas of the chart that are either increasing bar sizes or increasing in brightness can indicate directional force. when volume delta direction contradicts the candle direction, this can indicate support / resistance.
the shortcomings of that chart were that large volume bars caused the auto-scaling to shrink smaller volume bar displays to the point where much of the data was too small to see.
in this chart, the bars are displaying the percent delta out of the total bar volume. this way, large overall volume bars do not cause visual compression to everything else in the chart.
I've used color modulation to indicate relation to a relative volume point, so users can still tell when overall volume is large or small. when volume is under a moving average, the bars will display at a basis transparency. when the volume is over the average, the brightness will increase up to a specific ratio of volume defined by the user.
for example, if basis transparency is at 20, and the full opacity ratio is at 3, and the volume average is at 1M, a volume of 750k will display the delta bar at the basis transparency. a volume of 3M will achieve full brightness. a volume of 2M will display with moderate brightness (about 60%), but still stand out against other bars with basis transparency.
areas of the chart that are either increasing bar sizes or increasing in brightness can indicate directional force. when volume delta direction contradicts the candle direction, this can indicate support / resistance.
Release Notes
updating with better picture.also forgot to mention the white line is an amplified delta trend. increase or decrease the multiplier so it's not in the way of the actual delta bar data.
Release Notes
added optional contradiction markers on the main chart. they show when volume delta is contradicting the direction of the candle.these contradiction markers can be filtered to exclude ones that don't have enough volume or meet a minimum delta threshold.
Release Notes
new additions:>> minimum candle size filter for contradiction markers, so all the spinning top candles don't get marked just because they're spinning tops.
>> when delta % is 0, a white diamond appears instead of a tiny red bar.
Release Notes
MORE IMPROVEMENTS:added markers to signal above average and multiple-of-average volume bars.
if a bar has 3 diamonds, then the total volume was over 3x above average total volume.
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.
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.
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.