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Volume Density Candle

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A candle chart that indicates congestion or resistance by the color of each candle.

The transparency of each candle is based on volume density.
Volume density is calculated as follows.
Volume density = Volume / Price range
Price range uses true range "max(high - low, abs(high - close[1]), abs(low - close[1]))".
Since volume density varies drastically by stock or time, the transparency is calculated based on the deviation rate from the average volume density.

If the candle is shorter and the color is brighter (less transparency), there is more transactions in the narrow price range than usual, and it could mean the candle's price range is congestion or resistance.
If the price breaks through that price range or rebounds from it, the price could move further in that direction.
Note di rilascio
Added "Max Transparency" setting to avoid invisible candle.
Fixed a bug when the price range is 0.
Note di rilascio
Removed candles with no price change from average calculation.
Note di rilascio
Added options to exclude the first or last candle of the intraday session from the average because those two candles distort the average in some markets.
Note di rilascio
Added an option to change the max deviation rate.
Note di rilascio
Minor fix.
Note di rilascio
Fixed max deviation rate option.

Declinazione di responsabilità

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