OPEN-SOURCE SCRIPT
Pivot Boss - Advanced Volume Indicator
This indicator measures "Compression and Expansion" of current bars volume against 10 day average volume(Can be user defined)
Avg Volume = 10 day avg volume
Wide volume = AvgVolume x 1.25 (Volume bar will be Blue color)
Narrow Volume = AvgVolume x 0.65 (Volume bar will be Magenta color)
Yellow line -- 5 bar avg volume
White Line -- 10 bar avg volume
Avg Volume = 10 day avg volume
Wide volume = AvgVolume x 1.25 (Volume bar will be Blue color)
Narrow Volume = AvgVolume x 0.65 (Volume bar will be Magenta color)
Yellow line -- 5 bar avg volume
White Line -- 10 bar avg 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.
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.