I have updated the indicator to help visualize volume . The percentage scale is based on a 21 period look back average . The colored volume bars represent volumes that exceed specified standard deviation of this 21 period average as indicated in the figure. The deviation bands are based on a the 55sma of the 21 period average (brown line). A 8 period sma of the 21 moving average (red line) is also indicated.
// // @PVSA volume indicator -SteynTrade_v4 // study("Colored Volume Bars with Standard Deviation from the Mean", shorttitle="Volume Deviation_V4") lookback=input(21,minval=1, title="Time Frame Base") showMA=input(true) lengthMA=input(8,minval=1, title="Signal Ocsillation") lengthband=input(55,minval=1, title="Base Oscillation") hline(0, linewidth=1, color=black) hline(100, title="100", color=green) v1=volume c1=close o1=open avvol=sum(v1, lookback)/lookback pervol=(v1-avvol)/avvol*100 signal=sma(pervol, lengthMA) vstd=stdev(pervol,lookback) c= iff(c1>o1 and pervol>(1.664 * vstd), green, iff(c1>o1 and pervol>(0.994*vstd), olive, iff(c1<o1 and pervol>(1.644 * vstd), red, iff(c1<o1 and pervol>(0.994*vstd), orange, iff(pervol<-(1.281*vstd),fuchsia, gray))))) plot(pervol, style=histogram, color=c, linewidth=3) plot(signal, style=line, color=red, linewidth=2) ma=sma(pervol,lengthband) offs=(1.644 * stdev(pervol, lengthband)) offs2=(0.994*stdev(pervol, lengthband)) up=ma+offs up2=ma+offs2 dn=ma-offs2 dn2=ma-offs mid=(up+dn2)/2 plot(showMA?up:na, color=black) plot(showMA?dn:na, color=gray) plot(showMA?ma:na, color=maroon) plot(showMA?up2:na, color=gray) plot(showMA?dn2:na, color=black)