A simple but effective indicator that paints candles with different shades of colors based on the volume transacted.
-> Supports 6 levels of sensitivity at present. Might enhance the granularity later. -> Darkest indicates the most volume transacted. Lightest, the least. Change it around however you see fit and based on your theme. -> Use it for your Volume Spread Analysis and/or in conjunction with any other strategies that you employ. -> Note that the volume ratio is calculated relative to the average volume of the last n candles ( EMA 20 by default).
Would there be any way to factor in like... sessions? What I mean by this is, if you trade CME futures (ES as an example), obviously volume overnight during the Asian session is significantly lower than during the US session, but volume that takes place during the Asian session might still be relevant during those hours yet be obscured by the 20MA lookback period (comparing Asian session volume to US session volume).
Would it be possible to do something like, comparing Asian session volume to past Asian sessions, US session volume to past US sessions, etc.?
Does that make sense? (Sorry if I explained that in a confusing way.)