Volumes on Candle

26 Mar 2018

This script uses standard deviation of volume from the mean to color the candles.

IMPORTANT: Hide original candle, clicking in the "eye" near title.

I prefer use large Length input for more stability at mean and standard deviation values.

Uses 5 colors, by default:

• Red = Volume >= 4 stdev;
  
• Orange = 4 stdev > Volume >= 2.5 stdev;
  
• Yellow = 2.5 stdev > Volume >= 1 stdev;
  
• White = 1 stdev > Volume >= -0.5 stdev;
  
• Aqua = -0.5 stdev > Volume.
  

I coded another script, called "Colored Volumes Histogram". It uses the same idea, but color directly the volume histogram. https://br.tradingview.com/script/8XYEKJBs/