Advanced Volume Indicator

Advanced Volume Indicator

1. 1/10 = Very weak volume
2. 5/10 = Average volume
3. 10/10 = Extremely high volume

This helps traders quickly judge market participation and momentum without cluttering their charts.
 Features

1. Simple Volume Rating: Displays volume power as a number out of 10.
2. Color-Coded Levels:
   1.  Red for weak volume (1–3)
   2.  Yellow for moderate volume (4–6)
   3.  Lime for strong volume (7–10)

   
   
   

3. Corner Display: Clean and minimal text in the chart corner (you can choose position).
4. Lightweight & Fast: No heavy calculations, only one text label.
5. Customizable: Change font size, position, and averaging period.

 Inputs / Settings

1. LookbackBars → Number of candles used to calculate average volume (default: 50).
2. Corner → Where to display the text (0 = Top-Left, 1 = Top-Right, 2 = Bottom-Left, 3 = Bottom-Right).
3. X_Distance → Horizontal distance from the corner.
4. Y_Distance → Vertical distance from the corner.
5. FontSize → Size of the displayed text.

 How it Works

1. The indicator calculates the average tick volume of the last LookbackBars.
2. It compares the current candle’s volume to that average.
3. The result is scaled to 1–10:
   1. Average volume ≈ 5/10
   2. Half of average volume ≈ 2–3/10
   3. Twice the average volume ≈ 9–10/10

   
   
   

4. The rating is displayed with automatic color coding.

 Example Use Cases

1. Scalpers can quickly see if the current market move has enough volume support.
2. Breakout traders can confirm whether a breakout is happening with strong volume (8–10/10).
3. Range traders can avoid weak, low-volume markets (1–3/10).
4. General traders can filter trades based on market participation.