The Volume Indicator provides a visual representation of trading volume, expressed in U.S. dollars, directly on your chart. It multiplies each candle's closing price by its volume to compute the volume in dollar terms, offering a clearer perspective on market activity relative to price movements.
Features:
Volume Calculation: The indicator calculates the volume in dollar terms by multiplying the closing price by the trading volume of each bar.
Color Coding: Bars are colored to highlight significant trading activity. Standard bars are displayed in blue, whereas bars representing the highest trading volume over the latest 10-bar period are colored red.
Dynamic Labels: Red bars, indicating peak volume within the specified period, feature dynamically positioned labels that display the dollar amount, formatted to three significant figures. Labels are appended with "M" for millions or "B" for billions as appropriate, followed by a dollar sign to denote currency.
Automatic Label Adjustment: To avoid label overlap and maintain chart clarity, labels adjust their vertical positioning automatically based on proximity to other labels.
Usage:
This indicator is particularly useful for traders who wish to assess the strength of price movements in conjunction with volume. By quantifying volume in dollar terms, it provides a more standardized measure of trading intensity, which can be beneficial for making informed trading decisions in both high and low volatility environments.
Features:
Volume Calculation: The indicator calculates the volume in dollar terms by multiplying the closing price by the trading volume of each bar.
Color Coding: Bars are colored to highlight significant trading activity. Standard bars are displayed in blue, whereas bars representing the highest trading volume over the latest 10-bar period are colored red.
Dynamic Labels: Red bars, indicating peak volume within the specified period, feature dynamically positioned labels that display the dollar amount, formatted to three significant figures. Labels are appended with "M" for millions or "B" for billions as appropriate, followed by a dollar sign to denote currency.
Automatic Label Adjustment: To avoid label overlap and maintain chart clarity, labels adjust their vertical positioning automatically based on proximity to other labels.
Usage:
This indicator is particularly useful for traders who wish to assess the strength of price movements in conjunction with volume. By quantifying volume in dollar terms, it provides a more standardized measure of trading intensity, which can be beneficial for making informed trading decisions in both high and low volatility environments.
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