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Volume Colors with Dynamic MA Threshold [QuantHound]
This indicator displays volume on a separate chart panel, colored according to Wyckoff theory. Bright green and red colors represent high-volume events, while gray signifies low volume. The included moving average (SMA) dynamically adjusts based on the timeframe you are viewing: for example, it uses a 50-period SMA for daily charts, a 20-period SMA for weekly charts, and a 12-period SMA for monthly and higher timeframes by default. This allows the indicator to more accurately capture institutional activity across different timeframes.
When applied to the daily chart, this indicator can help identify potential institutional buying or selling activity. The bright colors make it easier to identify key support and resistance levels and validate whether trend lines are respected by larger players. Low volume (indicated by grey colors) along a trend line usually indicates a weakening trend.
The same applies to support and resistance levels: to verify their significance, check for high volume at these levels, especially on the daily chart.
This differs from other similar volume indicators because it allows different thresholds for different timeframes and clearly indicates the different levels of volumes you should be concerned with, low volume (grey), average volume (yellow line), high volume (bright colors, above yellow line) and extreme volume (above the orange line).
When applied to the daily chart, this indicator can help identify potential institutional buying or selling activity. The bright colors make it easier to identify key support and resistance levels and validate whether trend lines are respected by larger players. Low volume (indicated by grey colors) along a trend line usually indicates a weakening trend.
The same applies to support and resistance levels: to verify their significance, check for high volume at these levels, especially on the daily chart.
This differs from other similar volume indicators because it allows different thresholds for different timeframes and clearly indicates the different levels of volumes you should be concerned with, low volume (grey), average volume (yellow line), high volume (bright colors, above yellow line) and extreme volume (above the orange line).
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QuantHound
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