Better Volume Bar Chart

Volume has to be the most underrated market variable used in technical analysis. But if you know how to analyze and interpret it, you’ll be able to see market turning points develop and anticipate pullbacks and trend changes.

You can figure out whether the Professionals are buying or selling by analyzing:

• Volume transacted at the bid or the ask
• High to low range of the bar, and
• Average trade size.

The best bar chart indicator applies directly to the price window. If you prefer traditional candlesticks, simply change the name “DRAWBARCHART” in the code to “DRAWCANDLE”.

1. Volume Climax Up – high volume, high range, up bars (red)
2. Volume Climax Down – high volume, high range, down bars (white)
3. High Volume Churn – high volume, low range bars (green, PaintBar blue)
4. Low Volume – low volume bars (yellow)
5. Volume Climax plus High Volume Churn – both the above conditions (magenta)

Source :

• original code and credits from (description taken from http://emini-watch.com/free-stuff/volume-indicator/)
• https://www.prorealcode.com/prorealtime-indicators/better-volume/
  
  // Better Volume Indicator for BarChart // Original idea by emini-watch.com // Better Volume Indicator - Summary // ClimaxUp (Red) : Top, Start Up Trend, Down Trend Continue // ClimaxDown (White): Bottom, Up Trend Continue, Start Down Trend // LowVolume (Yellow): Bottom, Top, Up Trend Continue // Churn (Green): Bottom, Top, Down Trend Continue // ClimaxChurn (Magenta): Top, Down Trend Continue // Parameter: History = Boolean // Parameter: Use2Bars = Boolean // Parameter: Lookback = 20(Default) Lookback = 20 ONCE Condition1 = 0 ONCE Condition2 = 0 ONCE Condition3 = 0 ONCE Condition4 = 0 ONCE Condition5 = 0 ONCE Condition6 = 0 ONCE Condition7 = 0 ONCE Condition8 = 0 ONCE Condition9 = 0 ONCE Condition10 = 0 ONCE Condition11 = 0 ONCE Condition12 = 0 ONCE Condition13 = 0 ONCE Condition14 = 0 ONCE Condition15 = 0 ONCE Condition16 = 0 ONCE Condition17 = 0 ONCE Condition18 = 0 ONCE Condition19 = 0 ONCE Condition20 = 0 VolValue = Volume LowVolValue = VolValue ClimaxUpValue = VolValue ClimaxDownValue = VolValue ChurnValue = VolValue ClimaxChurnValue = VolValue //StopVolValue = VolValue //TrampolineValue = VolValue //AVVolume = Average[Lookback*2](VolValue)//Average[Lookback*2](VolValue) IF 0 = 0 THEN BI = 400 ELSIF 1 = 1 THEN BI = Lookback //BI=Lookback ENDIF IF BARINDEX > BI AND Volume <> 0 THEN IF Close > Open THEN Value1 = Volume * (Range / (2 * Range + Open - Close)) ELSIF Close < Open THEN Value1= Volume * ((Range + Close - Open) / (2 * Range + Close - Open)) ENDIF IF Close = Open THEN Value1 = 0.5 * Volume ENDIF Value2 = Volume - Value1 Value3 = Value1 + Value2 Value4 = Value1 * Range Value5 = (Value1 - Value2) * Range Value6 = Value2 * Range Value7 = (Value2 - Value1) * Range IF Range <> 0 THEN Value8 = Value1 / Range Value9 = (Value1 - Value2) / Range Value10 = Value2 / Range Value11 = (Value2 - Value1) / Range Value12 = Value3 / Range ENDIF Value13 = Value3 + Value3[1] Value14 = (Value1 + Value1[1]) * (Highest[2](High) - Lowest[2](Low)) Value15 = (Value1 + Value1[1] - Value2 - Value2[1]) * (Highest[2](High) - Lowest[2](Low)) Value16 = (Value2 + Value2[1]) * (Highest[2](High) - Lowest[2](Low)) Value17 = (Value2 + Value2[1] - Value1 - Value1[1]) * (Highest[2](High) - Lowest[2](Low)) IF Highest[2](High) <> Lowest[2](Low) THEN Value18 = (Value1 + Value1[1]) / (Highest[2](High) - Lowest[2](Low)) ENDIF Value19 = (Value1 + Value1[1] - Value2 - Value2[1]) / (Highest[2](High) - Lowest[2](Low)) Value20 = (Value2 + Value2[1]) / (Highest[2](High) - Lowest[2](Low)) Value21 = (Value2 + Value2[1] - Value1 - Value1[1]) / (Highest[2](High) - Lowest[2](Low)) Value22 = Value13 / (Highest[2](High) - Lowest[2](Low)) IF 0 = 0 THEN Condition1 = Value3 = Lowest [Lookback](Value3) Condition2 = Value4 = Highest[Lookback](Value4) AND Close > Open Condition3 = Value5 = Highest[Lookback](Value5) AND Close > Open Condition4 = Value6 = Highest[Lookback](Value6) AND Close < Open Condition5 = Value7 = Highest[Lookback](Value7) AND Close < Open Condition6 = Value8 = Lowest [Lookback](Value8) AND Close < Open Condition7 = Value9 = Lowest [Lookback](Value9) AND Close < Open Condition8 = Value10 = Lowest [Lookback](Value10) AND Close > Open Condition9 = Value11 = Lowest [Lookback](Value11) AND Close > Open Condition10 = Value12 = Highest[Lookback](Value12) ELSIF 1 = 1 THEN Condition11 = Value13 = Lowest [Lookback](Value13) Condition12 = Value14 = Highest[Lookback](Value14) AND Close > Open AND Close[1] > Open[1] Condition13 = Value15 = Highest[Lookback](Value15) AND Close > Open AND Close[1] > Open[1] Condition14 = Value16 = Highest[Lookback](Value16) AND Close < Open AND Close[1] < Open[1] Condition15 = Value17 = Highest[Lookback](Value17) AND Close < Open AND Close[1] < Open[1] Condition16 = Value18 = Lowest [Lookback](Value18) AND Close < Open AND Close[1] < Open[1] Condition17 = Value19 = Lowest [Lookback](Value19) AND Close < Open AND Close[1] < Open[1] Condition18 = Value20 = Lowest [Lookback](Value20) AND Close > Open AND Close[1] > Open[1] Condition19 = Value21 = Lowest [Lookback](Value21) AND Close > Open AND Close[1] > Open[1] Condition20 = Value22 = Highest[Lookback](Value22) ENDIF // ********************************************************************************************* // Yellow BarChart IF (Condition1 or Condition11) THEN LowVol = LowVolValue DRAWBARCHART(Open,High,Low,Close) COLOURED (255,255,0) ELSE LowVol = 0 ENDIF // Red Barchart IF (Condition2 or Condition3 or Condition8 or Condition9 or Condition12 or Condition13 or Condition18 or Condition19) THEN ClimaxUp = ClimaxUpValue DRAWBARCHART(Open,High,Low,Close)COLOURED (255,0,0) IF LowVol <> 0 THEN ClimaxUp = ClimaxUpValue / 2 ENDIF ELSE ClimaxUp = 0 ENDIF // White Barchart IF (Condition4 or Condition5 or Condition6 or Condition7 or Condition14 or Condition15 or Condition16 or Condition17) THEN ClimaxDown = ClimaxDownValue DRAWBARCHART(Open,High,Low,Close)COLOURED (255,255,255) IF LowVol <> 0 OR ClimaxUp <> 0 THEN ClimaxDown = ClimaxDownValue ENDIF ELSE ClimaxDown = 0 ENDIF // Green BarChart IF (Condition10 or Condition20) THEN Churn = ChurnValue DRAWBARCHART(Open,High,Low,Close)COLOURED (0,128,0) IF LowVol <> 0 OR ClimaxUp <> 0 OR ClimaxDown <> 0 THEN Churn = ChurnValue / 2 ENDIF ELSE Churn = 0 ENDIF //IF (Condition10 or Condition20) AND (Condition2 or Condition3 or Condition4 or Condition5 or Condition6 or Condition7 or Condition8 or Condition9 or Condition12 or Condition13 or Condition14 or Condition15 or Condition16 or Condition17 or Condition18 or Condition19) THEN // Magenta BarChart IF Churn <> 0 AND (ClimaxUp <> 0 OR ClimaxDown <> 0) THEN ClimaxChurn = ClimaxChurnValue DRAWBARCHART(Open,High,Low,Close)COLOURED (255,0,255) ELSE ClimaxChurn = 0 ENDIF //StopVolume Orangered BarChart LocalClosingPosition = 1 - (High - Close) / (High - Low) IF Volume > Volume[1] AND Range < Range[1] AND ((High > High[1] AND LocalClosingPosition < 0.4) OR (Low < Low[1] AND LocalClosingPosition > 0.6)) THEN //StopVol = StopVolValue * 1 / 3 // HigherVolume & LowerRange @ HigherHigh or LowerLow - DBlue DRAWBARCHART(Open,High,Low,Close)COLOURED (255,69,0) ELSE //StopVol = 0 ENDIF //Trampoline Blue BarChart FOR i = 1 TO 2 // Close together IF ((ClimaxChurn[i] > 0 OR ClimaxUp[i] > 0) AND (ClimaxChurn > 0 OR ClimaxUp > 0)) AND ((Close[i] > Open[i] AND Close < Open) OR (Close[i] < Open[i] AND Close > Open)) THEN //Trampoline = TrampolineValue * 1 / 4 BREAK DRAWBARCHART(Open,High,Low,Close)COLOURED (0,0,255) ELSE //Trampoline = 0 ENDIF NEXT ENDIF RETURN

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  // Better Volume Indicator for BarChart // Original idea by emini-watch.com   // Better Volume Indicator - Summary // ClimaxUp (Red) : Top, Start Up Trend, Down Trend Continue // ClimaxDown (White): Bottom, Up Trend Continue, Start Down Trend // LowVolume (Yellow): Bottom, Top, Up Trend Continue // Churn (Green): Bottom, Top, Down Trend Continue // ClimaxChurn (Magenta): Top, Down Trend Continue   // Parameter: History = Boolean // Parameter: Use2Bars = Boolean // Parameter: Lookback = 20(Default)   Lookback = 20   ONCE Condition1  = 0 ONCE Condition2  = 0 ONCE Condition3  = 0 ONCE Condition4  = 0 ONCE Condition5  = 0 ONCE Condition6  = 0 ONCE Condition7  = 0 ONCE Condition8  = 0 ONCE Condition9  = 0 ONCE Condition10 = 0 ONCE Condition11 = 0 ONCE Condition12 = 0 ONCE Condition13 = 0 ONCE Condition14 = 0 ONCE Condition15 = 0 ONCE Condition16 = 0 ONCE Condition17 = 0 ONCE Condition18 = 0 ONCE Condition19 = 0 ONCE Condition20 = 0   VolValue         = Volume LowVolValue      = VolValue ClimaxUpValue    = VolValue ClimaxDownValue  = VolValue ChurnValue       = VolValue ClimaxChurnValue = VolValue //StopVolValue     = VolValue //TrampolineValue  = VolValue   //AVVolume = Average[Lookback*2](VolValue)//Average[Lookback*2](VolValue)   IF 0 = 0 THEN BI = 400 ELSIF 1 = 1 THEN BI = Lookback //BI=Lookback ENDIF   IF BARINDEX > BI AND Volume <> 0 THEN          IF Close > Open THEN Value1 = Volume * (Range / (2 * Range + Open - Close)) ELSIF Close < Open THEN Value1= Volume * ((Range + Close - Open) / (2 * Range + Close - Open)) ENDIF IF Close = Open THEN Value1 = 0.5 * Volume ENDIF Value2 = Volume  - Value1      Value3 = Value1 + Value2 Value4 = Value1 * Range Value5 = (Value1 - Value2) * Range Value6 = Value2 * Range Value7 = (Value2 - Value1) * Range IF Range <> 0 THEN Value8 = Value1 / Range Value9 = (Value1 - Value2) / Range Value10 = Value2 / Range Value11 = (Value2 - Value1) / Range Value12 = Value3 / Range ENDIF      Value13 =  Value3  + Value3[1] Value14 = (Value1 + Value1[1]) * (Highest[2](High)    - Lowest[2](Low)) Value15 = (Value1 + Value1[1]  -  Value2 - Value2[1]) * (Highest[2](High) - Lowest[2](Low)) Value16 = (Value2 + Value2[1]) * (Highest[2](High)    - Lowest[2](Low)) Value17 = (Value2 + Value2[1]  -  Value1 - Value1[1]) * (Highest[2](High) - Lowest[2](Low)) IF Highest[2](High) <> Lowest[2](Low) THEN Value18 = (Value1 + Value1[1]) / (Highest[2](High) - Lowest[2](Low)) ENDIF Value19 = (Value1 + Value1[1]  - Value2 - Value2[1]) / (Highest[2](High) - Lowest[2](Low)) Value20 = (Value2 + Value2[1]) / (Highest[2](High)   - Lowest[2](Low)) Value21 = (Value2 + Value2[1]  - Value1 - Value1[1]) / (Highest[2](High) - Lowest[2](Low)) Value22 =  Value13 / (Highest[2](High) - Lowest[2](Low))      IF 0 = 0 THEN Condition1  = Value3  = Lowest [Lookback](Value3) Condition2  = Value4  = Highest[Lookback](Value4)  AND Close > Open Condition3  = Value5  = Highest[Lookback](Value5)  AND Close > Open Condition4  = Value6  = Highest[Lookback](Value6)  AND Close < Open Condition5  = Value7  = Highest[Lookback](Value7)  AND Close < Open Condition6  = Value8  = Lowest [Lookback](Value8)  AND Close < Open Condition7  = Value9  = Lowest [Lookback](Value9)  AND Close < Open Condition8  = Value10 = Lowest [Lookback](Value10) AND Close > Open Condition9  = Value11 = Lowest [Lookback](Value11) AND Close > Open Condition10 = Value12 = Highest[Lookback](Value12) ELSIF 1 = 1 THEN Condition11 = Value13 = Lowest [Lookback](Value13) Condition12 = Value14 = Highest[Lookback](Value14) AND Close > Open AND Close[1] > Open[1] Condition13 = Value15 = Highest[Lookback](Value15) AND Close > Open AND Close[1] > Open[1] Condition14 = Value16 = Highest[Lookback](Value16) AND Close < Open AND Close[1] < Open[1] Condition15 = Value17 = Highest[Lookback](Value17) AND Close < Open AND Close[1] < Open[1] Condition16 = Value18 = Lowest [Lookback](Value18) AND Close < Open AND Close[1] < Open[1] Condition17 = Value19 = Lowest [Lookback](Value19) AND Close < Open AND Close[1] < Open[1] Condition18 = Value20 = Lowest [Lookback](Value20) AND Close > Open AND Close[1] > Open[1] Condition19 = Value21 = Lowest [Lookback](Value21) AND Close > Open AND Close[1] > Open[1] Condition20 = Value22 = Highest[Lookback](Value22) ENDIF      // *********************************************************************************************      // Yellow BarChart IF (Condition1 or Condition11) THEN LowVol = LowVolValue DRAWBARCHART(Open,High,Low,Close) COLOURED (255,255,0) ELSE LowVol = 0 ENDIF      // Red Barchart IF (Condition2 or Condition3 or Condition8 or Condition9 or Condition12 or Condition13 or Condition18 or Condition19) THEN ClimaxUp = ClimaxUpValue DRAWBARCHART(Open,High,Low,Close)COLOURED (255,0,0) IF LowVol <> 0 THEN ClimaxUp = ClimaxUpValue / 2 ENDIF ELSE ClimaxUp = 0 ENDIF      // White Barchart IF (Condition4 or Condition5 or Condition6 or Condition7 or Condition14 or Condition15 or Condition16 or Condition17) THEN ClimaxDown = ClimaxDownValue DRAWBARCHART(Open,High,Low,Close)COLOURED (255,255,255) IF LowVol <> 0 OR ClimaxUp <> 0 THEN ClimaxDown = ClimaxDownValue ENDIF ELSE ClimaxDown = 0 ENDIF      // Green BarChart IF (Condition10 or Condition20) THEN Churn = ChurnValue DRAWBARCHART(Open,High,Low,Close)COLOURED (0,128,0) IF LowVol <> 0 OR ClimaxUp <> 0 OR ClimaxDown <> 0 THEN Churn = ChurnValue / 2 ENDIF ELSE Churn = 0 ENDIF      //IF (Condition10 or Condition20) AND (Condition2 or Condition3 or Condition4 or Condition5 or Condition6 or Condition7 or Condition8 or Condition9 or Condition12 or Condition13 or Condition14 or Condition15 or Condition16 or Condition17 or Condition18 or Condition19) THEN   // Magenta BarChart IF Churn <> 0 AND (ClimaxUp <> 0 OR ClimaxDown <> 0) THEN ClimaxChurn = ClimaxChurnValue DRAWBARCHART(Open,High,Low,Close)COLOURED (255,0,255) ELSE ClimaxChurn = 0 ENDIF      //StopVolume Orangered BarChart LocalClosingPosition = 1 - (High - Close) / (High - Low) IF Volume > Volume[1] AND Range < Range[1] AND ((High > High[1] AND LocalClosingPosition < 0.4) OR (Low < Low[1] AND LocalClosingPosition > 0.6)) THEN //StopVol = StopVolValue    * 1 / 3     // HigherVolume & LowerRange @ HigherHigh or LowerLow - DBlue DRAWBARCHART(Open,High,Low,Close)COLOURED (255,69,0) ELSE //StopVol = 0 ENDIF      //Trampoline Blue BarChart FOR i = 1 TO 2        // Close together IF ((ClimaxChurn[i] > 0 OR ClimaxUp[i] > 0) AND (ClimaxChurn > 0 OR ClimaxUp > 0)) AND ((Close[i] > Open[i] AND Close < Open) OR (Close[i] < Open[i] AND Close > Open)) THEN //Trampoline = TrampolineValue * 1 / 4 BREAK DRAWBARCHART(Open,High,Low,Close)COLOURED (0,0,255) ELSE //Trampoline = 0 ENDIF NEXT      ENDIF   RETURN

Thanks to Nicolas for this site.

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