OPEN-SOURCE SCRIPT
Coloured Volume Grid 1.0
Candles are coloured based on relative price and volume:
- If today’s closing price and volume are greater than (n) bars ago, color today’s volume bar green.
- If today’s closing price is greater than (n) bars ago but volume is not, color today’s volume bar lime.
- Similarly, if today’s closing price and volume is less than (n) bars ago, color today’s volume bar orange.
- If today’s closing price is less than (n) bars ago but volume is not, color today’s volume bar red.
The above logic in itself gives pretty remarkable considering how simple the idea is. I have added a multi-timeframe feature where the same logic is applied to 4 other timeframes. This way you can quickly be aware without having to check. There are four layers and the default settings show (from top to bottom) daily, 4h, 1h and 15m
All timeframes are adjustable in the settings.
- If today’s closing price and volume are greater than (n) bars ago, color today’s volume bar green.
- If today’s closing price is greater than (n) bars ago but volume is not, color today’s volume bar lime.
- Similarly, if today’s closing price and volume is less than (n) bars ago, color today’s volume bar orange.
- If today’s closing price is less than (n) bars ago but volume is not, color today’s volume bar red.
The above logic in itself gives pretty remarkable considering how simple the idea is. I have added a multi-timeframe feature where the same logic is applied to 4 other timeframes. This way you can quickly be aware without having to check. There are four layers and the default settings show (from top to bottom) daily, 4h, 1h and 15m
All timeframes are adjustable in the settings.
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