Welkin Advanced Volume Overlay (for VSA)This is a PineScript translation of Welkin's Advanced Volume Indicator Overlay, originally written for ThinkOrSwim. This tool is designed to facilitate Volume Spread Analysis (VSA) by highlighting areas of above average volume alongside price movement.
This indicator does two things:
1. Plots lines that extend from candles of above average, high, and very high volume.
2. Colors in candles with colors indicating volume levels (when "Paint Candles With Volume Colors" is enabled).
Blue lines mark candles with Average volume, based on a 20 SMA.
Orange lines mark 2-sigma (2 times standard deviations higher) volume.
Magenta lines mark 3-sigma (3 times standard deviations higher) volume.
When enabled, gray colored candles indicate below average volume.
Yellow candles indicate volume that is relatively higher than the previous candle, default is 1.25x.
Volumespreadanalysis
Heatmap Volume [xdecow]This indicator colors the volume bars and candles according to the volume traded. The calculation of the heat map zones is done as follows:
how many standard deviations the volume are distant from the average volume?
For a better visual experience, place the borders and wicks of the candles in a neutral color.
VSA VolumeVolume indicator judging level of volume per bar accordingly to Volume Spread Analysis rules. It allows either to set static volume levels or dynamic ones based on ratio comparable to Moving Average. Bars are coloured based on ratio or static levels, visually presenting level of Volume (low, average, high, ultra high).
VSA SpreadMeasures spread of the candle, useful especially for Volume Spread Analysis (VSA) and to measure trend strength. Spread is coloured based on level comparable to Moving Average.
