I prefer use large Length input for more stability at mean and standard deviation values.
Uses 5 colors, by default:
- Red = >= 4 stdev;
- Orange = 4 stdev > >= 2.5 stdev;
- Yellow = 2.5 stdev > >= 1 stdev;
- White = 1 stdev > >= -0.5 stdev;
- Aqua = -0.5 stdev > .
I coded another script, called "Volumes on Candles". It uses the same idea, but color directly the candle.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.