Bar colours based on extensions from volume Z-Score. Large volume candles can often signal exhaustion or show market strength in reversals or breakouts. Candles not supported by rising volume are coloured black while those that are retain their colouring.
Catatan Rilis
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Updated colourings to show two user selected standard deviations. Took away low volume candle colourings and just make black fill.
Catatan Rilis
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Added setting to toggle between black bar fills for no volume extension and rising volume bar fills.
Catatan Rilis
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Update to original Volume Extension script. New function allows user to select MA type for Z-score calculation. Colour inputs have been added allowing for easier user customisation. Addition of alert condition.
can you explain what each candle color mean please?
SANJUROXBT
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@R_R_Trading, Hi, looking at the code, the different colors refer to custom standard deviations. Roughly speaking this indicator measures the mean in volume for N periods (21 is the default). The different colors are just visual representations of "extremes" in the mean, just like Bollinger bands for volume.
felixrtdr
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@CLODCD, hi, which colors are stronger? I’m a little confused green a red support volume and price, and blue and pink more than a average volume ?
felixrtdr
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Can your explain what the 4 main colors means? Red green blue and pink? I mean witch one is stronger in volume ?
sztywnywariat
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@felixrtdr, extension_1 = vol > deviation_1 and vol < deviation_2 extension_2 = vol > deviation_2 bull = close > open bear = close < open
so the extension_x is just a color candle that is above x standard deviations of its fair value.
CandlesofKarma
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@sztywnywariat, glad I was thinking about this correctly. Thanks for confirming.
syrinxflunki
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top man !
koalid
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It is hiding the symbol's price line. Is it a bug ?