Volume Delta Candles [LuxAlgo]

11 apr

Volume Delta Candles provides insights about Intrabar trading activity in an easy-to-interpret manner. Lower timeframe or real-time data is used for displaying Volume Delta percentage against the total volume as a coloured bar part.

The script also highlights the intrabar price with the maximum trading activity, as well as complementary information.

🔶 USAGE



The tool focuses on intrabar volume to provide more information about the trading activity associated with a candle, without having to use an external volume indicator.



Each indicator components is further explained below:

🔹 Volume Delta

The volume delta is obtained by the difference between buy volume and sell volume, where buy volume is the volume associated with a bullish intrabar candle, and sell volume with a bearish intrabar candle.

Positive volume delta is displayed with a green candle area, while negative delta is displayed with a red candle area.

🔹 Bar Coloring

The script displays VD as a percentage of the whole, or from the candle half, depending on the setting 'Display'.

Bars can be coloured as follows:

• Full (100%) when Display is set at 'Full Bar'
  
• Half (50% or 100% of half a bar) when Display is set at 'Half Bar'
  

A negative VD (more bearish than bullish volume) will fill the bar from the top (or centre) of the bar towards the bottom, and a positive VD will fill a bar from the bottom (or centre) of the bar towards the top.

A negative VD on a green candle will show a red-coloured VD against a green-bordered candle. On the other hand, a positive VD on a red candle will show a green-coloured VD against a red-bordered candle.



Colours for VD sentiment opposite to the candle sentiment can be set differently if desired.



🔹 Highest Volume Price Level



The script displays a white (black on light mode) line highlighting the intrabar price level with the highest volume.





When 'Show Previous Max Volume Price' is checked, a white (black on light mode) dot is displayed 1 bar to the right.

🔶 DETAILS

🔹 Tick/LTF data

The above example used Lower TimeFrame (LTF) data.

The following example uses real-time tick data (Settings -> Data From)



Both options, LTF or tick data, will show a vertical dotted line where the data starts.

🔹 LTF settings

When 'Data from' LTF is chosen and 'Auto' enabled, the LTF will be the nearest possible x times smaller TF than the current TF. When 'Premium' is disabled, the minimum TF will always be 1 minute to ensure TradingView plans lower than Premium don't get an error.

Examples with current Daily TF (when Premium is enabled):

• 500 : 3 minute LTF
  
• 1500 (default): 1 minute LTF
  
• 5000: 30 seconds LTF (1 minute if Premium is disabled)
  

🔹 Notes

• Different LTFs give different data, which means different results; this doesn't mean it isn't correct; they are just different data sets.
  
  
  
  (LTF is displayed at the top right corner)
  
  
• To ensure maximum visibility of values, we recommend using Bars from the Bar's style menu.
  

🔶 SETTINGS

• Data from: Lower TimeFrame or real-time Tick data
  
• Resolution: LTF setting
  
• Auto + multiple: Adjusts the initial set resolution
  
• Premium: Enable when your TradingView plan is Premium or higher
  

🔹 Intrabar Data

• Colours
  
• Display: Full/Half bar
  
• Show previous max volume price: White/black dot, showing previous highest volume price level
  

🔹 Table

• Show TF: Show LTF at the top right corner
  
• Colour + table text size
  

🔹 Details

• Show details: label with 'Volume', 'Delta' (VD) and '%'
  

See USAGE for more information