The colour bars:
Green: Price up - Volume > 2 x STD of last 21 bars
Blue: Price up - Volume > 1 x STD of last 21 bars
Maroon: Price down - Volume > 2 x STD of last 21 bars
Purple: Price down - Volume > 1 x STD of last 21 bars
Grey: not high volume bar
Green line: 2 bar sma
Red line: 8 period sma of the greenline
Bollinger band: 55 period sma of the 21 period sma with bands 1.618 deviation from the mean
Green: Price up - Volume > 2 x STD of last 21 bars
Blue: Price up - Volume > 1 x STD of last 21 bars
Maroon: Price down - Volume > 2 x STD of last 21 bars
Purple: Price down - Volume > 1 x STD of last 21 bars
Grey: not high volume bar
Green line: 2 bar sma
Red line: 8 period sma of the greenline
Bollinger band: 55 period sma of the 21 period sma with bands 1.618 deviation from the mean
// // @PVSA volume indicator -SteynTrade // study("Colored Volume Bars standard deviation from mean", shorttitle="Volume Deviation") lookback=input(21) showMA=input(true) lengthMA1=input(2) lengthMA2=input(8) lengthband=input(55) v1=volume c1=close o1=open vsma1=sma(v1,lengthMA1) vsma2=sma(vsma1,lengthMA2) vsma3=sma(v1[lookback],lookback) vstd=stdev(v1[lookback],lookback) c= iff(c1>o1 and v1>(vsma3+(2 * vstd)), green, iff(c1>o1 and v1>(vsma3+vstd), blue, iff(c1<o1 and v1>(vsma3+(2 * vstd)), maroon, iff(c1<o1 and v1>(vsma3+vstd), purple, gray)))) plot(v1, style=columns, color=c) plot(vsma1, style=line, color=green) plot(vsma2, style=line, color=red, linewidth=2) ma=sma(vsma1,lengthband) offs=(1.68 * stdev(vsma1, lengthband)) up=ma+offs dn=ma-offs mid=(up+dn)/2 plot(showMA?up:na, color=black) plot(showMA?dn:na, color=black) plot(showMA?mid:na, color=blue, linewidth =2)