The Volume Breakouts Indicator 2.0 is a comprehensive improvement on its predecessor "Volume Breakouts" with new features and improved performance. It offers high customization options where almost every aspect can be changed to suit your preferences.
The main functionality of the indicator is to display volume that exceeds a certain level of relative volume with a specific color, and now it also differentiates between strong up and strong down days. The legacy mode from the previous version is still available, and the calculation error has been corrected in the legacy mode.
Volume Bars in their default configuration are determined by the following factors: Up and Down days, relative volume , and a strong/weak close range. The strong/weak close range is determined by marking bars with a "strong" color only if the close price is higher/weaker than 60% or 40% of the candlestick range - otherwise the color gets downgraded by one level (for example from strong green upday to medium strong blue upday). The main options for Volume Bars are the "Multipliers", where a multiplier of 1.5 represents 150% relative volume . For example, if there is an up day closing above 60% of its range and the volume is above the defined moving average threshold times the multiplier, the bar will be colored green.
(the option: "Strong/week close range" is optional and can be disabled)
Upday and multiplier 2: green
Upday and multiplier 1: blue
Downday and multiplier 2: red
Downday and multiplier 1: pink
The indicator also integrates Pocket Pivots, which are displayed as "star" icons above the current volume bar. There are two types of Pocket Pivots:
The signal (star) will appear in black if the first condition is met and red if the second condition is met.
A new addition to the indicator is the Dashboard of different variables, which can be individually enabled or disabled. These variables include:
All colors can be customized, and there is also a predefined option for dark mode.
The main functionality of the indicator is to display volume that exceeds a certain level of relative volume with a specific color, and now it also differentiates between strong up and strong down days. The legacy mode from the previous version is still available, and the calculation error has been corrected in the legacy mode.
Volume Bars in their default configuration are determined by the following factors: Up and Down days, relative volume , and a strong/weak close range. The strong/weak close range is determined by marking bars with a "strong" color only if the close price is higher/weaker than 60% or 40% of the candlestick range - otherwise the color gets downgraded by one level (for example from strong green upday to medium strong blue upday). The main options for Volume Bars are the "Multipliers", where a multiplier of 1.5 represents 150% relative volume . For example, if there is an up day closing above 60% of its range and the volume is above the defined moving average threshold times the multiplier, the bar will be colored green.
(the option: "Strong/week close range" is optional and can be disabled)
Upday and multiplier 2: green
Upday and multiplier 1: blue
Downday and multiplier 2: red
Downday and multiplier 1: pink
The indicator also integrates Pocket Pivots, which are displayed as "star" icons above the current volume bar. There are two types of Pocket Pivots:
- The day's volume should be larger than the highest down volume day over the prior 10 days (Rule No. 3, Chris Kacher)
- If the pocket pivot occurs in an uptrend after the stock has broken out, it should act constructively around its 10-dma." The star will appear in black if the first condition is met and red if the second condition is met. (Rule No. 4, Chris Kacher)
The signal (star) will appear in black if the first condition is met and red if the second condition is met.
A new addition to the indicator is the Dashboard of different variables, which can be individually enabled or disabled. These variables include:
- Actual volume: the volume of the most recent bar
- Actual dollar volume: the amount of $ traded on the most recent bar
- Average volume: the average volume over a defined period of time (same as moving average)
- Average dollar volume: the amount of $ traded over a defined period of time (same as moving average)
- Relative volume: the relative value of the current bar compared to the moving average of the volume
- Up/down volume ratio: the total of the stock's volume on days when it closes up divided by the volume traded on days when the stock closed down. The assumption is that if a stock closes up for the day, the volume was buying induced and thus the stock is under accumulation
- Free floating shares: Free float, also known as public float, refers to the shares of a company that can be publicly traded and are not restricted (for example held by insiders)
- Rocket Ratio: Is a value (Formula: Float/AvgVolume) which measures the liquidity of the stock. A lower value means that fewer shares can move the stock fast. The default threshold is < 150
All colors can be customized, and there is also a predefined option for dark mode.
Versionsinformation:
Small Update v2.1
Changes:
Changes:
- Display the Average Dollar Volume as a percentage of Market Capitalization.
- Provide an option to adjust the Moving Average of the Average Dollar Volume.
- Include additional descriptions/tooltips for clarity.
Versionsinformation:
Bugfix - v2.2
- Fixed a bug where volume is not displayed on Futures.
- Changed to show only floating shares and average dollar volume of market cap for stocks.
Versionsinformation:
v.2.3 - 29 Sep 2023
New:
Changes:
Note:
Labels are limited to showing only the last 500. If you want to go further back, you can use the replay function.
New:
- Added Highest Volume Markers (Q = Highest Volume since one Quarter, Y = Highest Volume since one Year, A = Highest Volume All-time)
Changes:
- Pocket Pivots are now displayed with labels instead of plotchar. This way, you can select different characters and choose their size. It looks much cleaner when zooming the chart.
Note:
Labels are limited to showing only the last 500. If you want to go further back, you can use the replay function.
Versionsinformation:
v.2.4 - 23 Oct 2023
Update based on various requests:
New with Alert Condition:
Update based on various requests:
- Added function to adjust different lengths of moving averages according to timeframe. New options for (Daily, Weekly, Monthly, Intraday).
- The set length and type of moving average are now correctly used for RVOL and AvgVol.
- Restructured and optimized code.
- Reorganized settings for better clarity.
- Changed default multiplier 1 to 2X and multiplier 2 to 4X (previously 1.5X and 3X).
- Fixed setting to enable/disable headers.
- RocketRatio is now only displayed for stocks, as otherwise it will always show "NaN".
- Changed display option of indicator to no longer show settings on the chart for better clarity. Only the short title "FVB" will be displayed.
New with Alert Condition:
- Alert on Multiplier 1 (Alert triggered when the set multiplier 1 is true).
- Alert on Multiplier 2 (Alert triggered when the set multiplier 2 is true).
Versionsinformation:
- Removed legacy mode for volume candles
- Added market capitalization.
- Merged volume and dollar volume into a single cell.
- Merged average volume and average dollar volume into a single cell.
- Enhanced usability by adding an option to don't use fixed widths for dashboard elements, suitable for smaller displays or frequent device changes (false is now the default setting).
- Added market capitalization.
- Merged volume and dollar volume into a single cell.
- Merged average volume and average dollar volume into a single cell.
- Enhanced usability by adding an option to don't use fixed widths for dashboard elements, suitable for smaller displays or frequent device changes (false is now the default setting).