OPEN-SOURCE SCRIPT
Volume Bollinger Bands
This code draws a custom indicator named "Volume Bollinger Bands" on the price chart with the following visual elements:
1. **Basis Line (Blue)**: This line represents the moving average value (ma_value) of the volume data calculated based on the user-selected moving average type (SMA, EMA, or WMA) and length.
2. **Upper Bands (Green)**: The upper bands are calculated by adding a certain multiple of the standard deviation (dev1 to dev11) to the basis line. These bands represent a certain level of volume volatility above the moving average.
3. **Lower Bands (Red)**: The lower bands are calculated by subtracting a certain multiple of the standard deviation (dev1 to dev11) from the basis line. These bands represent a certain level of volume volatility below the moving average.
4. **Volume Line (Yellow)**: This line represents the volume data for the selected timeframe, plotted over the price chart.
The user can customize the following parameters:
- Average Length: The length of the moving average.
- Moving Average Type: The type of moving average to be used (SMA, EMA, or WMA).
- Timeframe: The timeframe used to calculate the volume data.
- Deviation 1 to Deviation 11: Multipliers for calculating the upper and lower bands.
The purpose of this indicator is to visually represent the relationship between volume volatility, moving average, and price movements. Traders can use it to analyze changes in volume trends and potential price breakouts or reversals when the volume moves beyond certain levels of standard deviations from the moving average.
1. **Basis Line (Blue)**: This line represents the moving average value (ma_value) of the volume data calculated based on the user-selected moving average type (SMA, EMA, or WMA) and length.
2. **Upper Bands (Green)**: The upper bands are calculated by adding a certain multiple of the standard deviation (dev1 to dev11) to the basis line. These bands represent a certain level of volume volatility above the moving average.
3. **Lower Bands (Red)**: The lower bands are calculated by subtracting a certain multiple of the standard deviation (dev1 to dev11) from the basis line. These bands represent a certain level of volume volatility below the moving average.
4. **Volume Line (Yellow)**: This line represents the volume data for the selected timeframe, plotted over the price chart.
The user can customize the following parameters:
- Average Length: The length of the moving average.
- Moving Average Type: The type of moving average to be used (SMA, EMA, or WMA).
- Timeframe: The timeframe used to calculate the volume data.
- Deviation 1 to Deviation 11: Multipliers for calculating the upper and lower bands.
The purpose of this indicator is to visually represent the relationship between volume volatility, moving average, and price movements. Traders can use it to analyze changes in volume trends and potential price breakouts or reversals when the volume moves beyond certain levels of standard deviations from the moving average.
Script open-source
In pieno spirito TradingView, l'autore di questo script lo ha pubblicato open-source, in modo che i trader possano comprenderlo e verificarlo. Un saluto all'autore! È possibile utilizzarlo gratuitamente, ma il riutilizzo di questo codice in una pubblicazione è regolato dal nostro Regolamento. Per aggiungerlo al grafico, mettilo tra i preferiti.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.