Volume Based S/R

I got a question if it would be possible to Automatically draw S/R levels based on Volume rather than RSI as I had earlier done in this script; Well it certainly is and it looks as though it might even be tradeable.

The indicator compares the size of volume bars so that if there is a noticeable increase in volume (noticeable here meaning above the indicator threshold) it marks the bar high and low prior to the bigger volume candle.
Script de código aberto

No verdadeiro espírito TradingView, o autor deste script o publicou com código aberto, para que os traders possam compreendê-lo e verificá-lo. Um brinde ao autor! Você pode usá-lo gratuitamente, mas a reutilização deste código em uma publicação é regida pelas Regras da Casa. Você pode favoritá-lo para utilizá-lo em um gráfico.

Quer usar esse script no gráfico?


Is it possible to add multi-timeframe option
+9 Resposta
I love this indicator and for what it is to trade futures, it really works too well, my question is, if this same indicator could be done for ninjatrader? I really do not understand very well how it works to try to do it myself, I just need it: c
+4 Resposta
martinweb Harokatsu
@Harokatsu, whats your strategy to make best use of it?
Excellent work dude, I love this idea. I have an iteration of this myself that I'll refine and send on to you, but I really like this version. Thanks for sharing
+4 Resposta
shtcoinr chrysopoetics
@chrysopoetics, Thanks, please do.
+6 Resposta
The script is very nice , thanks for your effort !
+2 Resposta
Wow just took a look at this historically and looks extremely nice, gotta try it on live but looks very promising.
+1 Resposta
What is the definition of length in your script? What does it represent?
+1 Resposta
shtcoinr Public_front
@Public_front, Its the time period for the rolling stdev, as in over how many bars is the stdev calculated
Hi, I really liked both your RSI and Volume based Indicators.

It would be great if demand and supply zones cannbe created using higher highs, higher lows, lower highs and lower lows
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