INVITE-ONLY SCRIPT
GTS Volume Behavior Indicator
Volume is an important part of understanding the behavior of instruments. This Indicators colours the candles/bars according to whether the volume for that time period of the candle is an Accumulation or Distribution candle or in fact if it has less volume that the previous candle. This simple tool can help traders of any instrument that involves volume to instantly visualise this volume behavior to help confirm trade directions and more importantly to identify when a move is running out of juice and will aid in making trade management decisions.
Colour coding for the candles are as follows:
Green Candle - UP candle with increased volume compared to previous candle. A grey candle - UP candle but has less volume than the candle before. A Red candle is a DOWN candle that has increased volume compared to previous candle. A Cyan Candle is a DOWN candle but has less volume than the candle before.
Buying - So a green candle is an accumulation candle where more shares/contracts/coins are being bought than in the same candle (time period) previously. When you see this after low volume candles it can be said that the momentum (Juice) is increasing to the upside. And then when you get another green candle after the first, even more volume and even more juice to the upside. When the up candles turn grey then the juice is starting to run out to the upside and this is a great indication to tighten stops if you are long.
Selling - So a Red Candle is an distribution candle where more shares/contracts/coins are being sold than in the same candle (time period) previously. When you see this after low volume candles it can be said that the momentum (Juice) is increasing to the downside. And then when you get another red candle after the first, even more volume and even more juice to the downside. When the down candles turn cyan then the juice is starting to run out to the downside and this is a great indication to tighten stops if you are short.
Colour coding for the candles are as follows:
Green Candle - UP candle with increased volume compared to previous candle. A grey candle - UP candle but has less volume than the candle before. A Red candle is a DOWN candle that has increased volume compared to previous candle. A Cyan Candle is a DOWN candle but has less volume than the candle before.
Buying - So a green candle is an accumulation candle where more shares/contracts/coins are being bought than in the same candle (time period) previously. When you see this after low volume candles it can be said that the momentum (Juice) is increasing to the upside. And then when you get another green candle after the first, even more volume and even more juice to the upside. When the up candles turn grey then the juice is starting to run out to the upside and this is a great indication to tighten stops if you are long.
Selling - So a Red Candle is an distribution candle where more shares/contracts/coins are being sold than in the same candle (time period) previously. When you see this after low volume candles it can be said that the momentum (Juice) is increasing to the downside. And then when you get another red candle after the first, even more volume and even more juice to the downside. When the down candles turn cyan then the juice is starting to run out to the downside and this is a great indication to tighten stops if you are short.
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