This indicator colors the candles according to the z-score of the trading volume. You can easily see the imbalance on the chart. You can use it at any timeframe.
In statistics, the standard score (Z-score) is the number of standard deviations by which the value of a raw score (i.e., an observed value or data point) is above or below the mean value of what is being observed or measured. Raw scores above the mean have positive standard scores, while those below the mean have negative standard scores.
This script uses trading volume as source of z-score by default. Due to the lack of volume data for some index tickers, you can also choose candle body size as source of z-score.
features: - custom source of z-score - volume - candle body size - any of above two - all of above two - custom threshold of z-score - custom color chemes - custom chart type - alerts
default color schemes:
- green -> excheme bullish imbalance - blue -> large bullish imbalance - red -> excheme bearish imbalance - purple -> large bearish imbalance - yellow -> low volume bars, indicates "balance", after which volatility usually increases and tends to continue the previous trend
Examples: * Personally, I use dark theme and changed the candle colors to black/white for down/up.
can i combine this indicator to be one with price action ? please help me friend
rogeraydo
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Hello Thank you for this very nice script. Two alerts can be set, one for extreme alert and one for large alert. I propose a possible improvement, could you individualize the alerts for sales and purchase volume? The alerts could look like this: 1.- Large bull alert 2.- extreme bull alert 3.- both bull alert 4.- large bear alert 5.- extreme bear alert 6.- both bear alert
M0rty
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Another 30min timeframe example:
Price comes back to previous imbalance liquidity gap (FVG), and tends to continue previous trend after this FVG filled.
marccollins222
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A wonderful indicator! Had been using a similar one for a while, but based on relative volume, candle-to-candle. The z-score based scheme is really clever and what has surprised me most is the low-volume candles. They show-up, appropriately, even when volume can be relatively high compared to a long time frame and even when it seems that volume would still be in the medium zone. But the sudden drop in volume is what counts here and is most useful for price action purposes. Excellent ability to customize the colours, too. Thanks for providing this!!
southsiderealtrade
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Thank you.
MSB30
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⚡️
dontdaytrade
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This is really awesome. Is there any chance you could get them to disappear when they're filled?