bbs1907

BB + Volume Based Coloured Bars

Volume Based Coloured Bars:

Most of the time traders are confused about if the price movements were supported by VOLUME .
This indicator colors the bars into volume weighted signals...

When prices go down bars are red and contraversely when up, bars are green. Additionally we have two more colors for each
situation:

PRICE BARS ARE:

DARK RED when prices go down and VOLUME is bigger than 150% of its (default 21 day) average, that indicates us price action is supported by a strong BEARISH VOLUME

RED when prices go down and VOLUME is BETWEEN 50% AND 150% of its (default 21 day) average, at this situation we can think that volume is neither strong nor weak

ORANGE when prices go down and VOLUME is just less than 50% of its (default 21 day) average, so the volume is weak and doesn't support the price action much




DARK GREEN when prices go UP and VOLUME bigger than 150% of its (default 21 day) average, that indicates us price action is supported by a strong BULLISH VOLUME

GREEN when prices go UP and VOLUME is BETWEEN 50% AND 150% of its (default 21 day) average, at this situation we can think that volume is neither strong nor weak

LIGHT GREEN when prices go UP and VOLUME is just less than 50% of its (default 21 day) average, so the volume is weak and doesn't support the price action much


21 day Simple Moving Average used as default value which can be changed in the settings menu,

21 day is considered as a month for STOCK Markets, it would be more accurate to set the value to 30 for CRYPTO CURRENCIES
And Bollinger bands
By Kıvanc Özbilgic thank you
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