SK Volume Pane V2.0 [CLEVER]

The Pine Script indicator named "SK Volume Pane V2.0[CLEVER]" is a comprehensive volume analysis tool designed for use in a separate pane below the main price chart (due to overlay=false). It helps traders identify potential trend reversals and continuations by combining standard volume analysis with sophisticated volume divergence detection and a statistical tracking table.
EURUSD BTCUSDT BTCUSD XAUUSD DXY USOIL
Core Functionality

This indicator primarily focuses on the relationship between price action and volume levels to generate signals.

1. Volume Visualization and MA

Colored Volume Bars: The default volume histogram is colored based on the candle's closing direction:

Lime (UpColor): The current candle closed higher than it opened (bullish volume).
Red (DownColor): The current candle closed lower than it opened (bearish volume).
Gray (Neutral): The candle opened and closed at the same price (Doiji/neutral).
Volume Moving Average (MA): An optional 20-period Simple Moving Average (SMA) of the volume is plotted as a yellow line. This helps identify periods where current volume is significantly above or below the recent average.

2. Volume Divergence Detection

The most advanced feature is the automatic detection and plotting of volume divergences, which are key technical analysis signals. Divergence occurs when price makes a new high or low, but volume does not confirm that movement.
The indicator looks for four types of divergence using ta.pivotlow and ta.pivothigh functions:

Type Price Action Volume Action Signal Implication Color

Regular Bullish Lower Low Higher Low Potential reversal upward Lime
Hidden Bullish Higher Low Lower Low Potential trend continuation upward Aqua
Regular Bearish Higher High Lower High Potential reversal downward Red
Hidden Bearish Lower High Higher High Potential trend continuation downward Orange

When divergence is detected, the indicator draws colored lines connecting the relevant pivots on the volume pane and places corresponding Buy or Sell labels on both the volume pane and the main price chart.

3. Statistical Tracking Table

The indicator includes an optional statistics table displayed in the top-right corner of the chart. This table provides a high-level summary of the divergence-based signals within the current day and week:
Day/Week Buys/Sells: Counts how many Buy or Sell signals (divergences) have occurred in the current period.
BuyQty/SellQty: The cumulative volume associated with those signals.
Trend: A calculated "Day Trend" and "Week Trend" (Bullish, Bearish, or Neutral) based on the balance of Buy vs. Sell signals.

User Customizable Inputs

Traders can adjust several settings to fine-tune the indicator to their strategy:
Show Volume MA: Toggles the yellow moving average line.
Volume MA Length: Sets the period for the volume MA (default 20).
Up/Down/Neutral Color: Customizes the volume bar colors.
Show Volume Divergence: Toggles the divergence detection and lines.
Divergence Pivot Length: Adjusts the sensitivity of the pivot detection; a higher number finds
longer-term swings.

Show Buy/Sell Labels: Toggles the "Buy" and "Sell" labels that appear on the chart.
Show Stats Table: Toggles the daily/weekly summary table.