Do price action and volume really need to be on separate graphs? Why not display them both on a single graph and reduce the clutter? Presenting Equivolume candles here on TradingView - inspired by the NinjaTrader implementation This indicator allows you to view traditional OHLC candles but with the additional ability to see relative volume through variations of width and/or transparency
Explanation - Wide and/or full colour candles have the highest volume - Thin and/or highly transparent candles have the lowest volume - The following diagram shows the Equivolume indicator as well as a traditional volume graph along the bottom. You can see that when the volume is highest, the candle is widest and also the most intense color. - The `Lookback candle count` user parameter specifies the number of candles to use in order to locate the highest volume within that range. All other candle widths in the range will be adjusted relative to this highest volume
Tips - Toggle off the visibility of the original graph for the instrument to get the best view of the candles when using variable transparency
Gotchas - Due to a Pine Script limitation a maximum of 500 variable width candles can be drawn on the chart - If `Lookback candle count` is higher than the total number of available candles for the instrument, then the indicator will fail and not display anything. I’m still investigating how to handle this case better - Be aware if you are using the `High` setting for the `Transparency range` parameter, candles with the lowest volume will be virtually invisible
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The wicks don't seem to appear unless I specify a `border_width`
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Fix so that if you choose a `lookback` range greater than the number of candles available, the chart will continue to work
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Show the `volume` amount as an additional value next to the indicator name and price
hi, will it be possible to have the option of transparency or not? i personnaly find it more interesting if only we see the candle volume. thanks
ant_tv
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I've noticed an uptick in people liking this indicator in the last day or so - which is great! I'm just wondering why - has it been mentioned somewhere?
Mikeillathrilla
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@ant_tv, im not sure but i definitely was looking for something similar to this
anshdeo
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Hi! Love this, extremely useful, I'd like to give a suggestion if I may. In chart settings we can hide all the candlesticks so that only the indicator is showing, it'd be amazing if you can work out everything being spaced properly without the positions of the candles mattering, it'd basically work as its own chart rather than an indicator. Of course with the disadvantage of not being able to match the candles to dates but that's okay I think!
tartigradia
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Awesome script, highly underrated, although it may be redundant with other volume indicators, this one is by far the most intuitive evaluate the impact of volume on price at a glance. Thank you for sharing this!
Ps: i don't know if someone recommended your script, i found it by searching through all volume indis to revamp my trading system :-)
i personnaly find it more interesting if only we see the candle volume.
thanks