Custom Volume - Periodic Peaks & Troughs + Alert

This script is a custom volume indicator with additional features.
But why is this useful?
The minimum and maximum volumes, in different time periods, are displayed by labels below the bars. I call them "Peaks" and "Troughs".
Hover your mouse cursor over the labels to see more details.

These parameters are widely used in technical analysis .

If traders want to confirm a reversal on a level of support–or floor–they look for high buying volume . Conversely, if traders are looking to confirm a break in the level of support, they look for low volume from buyers.

If traders want to confirm a reversal on a level of resistance–or ceiling– they look for high selling volume . Conversely, if traders are looking to confirm a break in the level of resistance, they look for high volume from buyers.

For example, take a look at the chart.

Settings menu parameters
{Dialog Box} =>
Parameter to show / hide the dialog box.
{Visual Parameters} =>
Parameters to personalize the appearance of the indicator.
{ Alert Conditions Part 01: Peaks ⏰ "} =>
Parameters to customize the alert.
{ Alert Conditions Part 02: Troughs ⏰ "} =>
Parameters to customize the alert.
{Volume MA} =>
Moving average settings

How to use alerts
Note that by creating an alert, an instance of the indicator, with all your settings, will be activated on the site's server and alerts will be triggered by it.
After that, changing the indicator settings on the chart will no longer affect the alert.
  • Open the settings window and select the alert conditions as you wish
  • Click the Create Alert button (or press the A key while holding down the ALT key)
  • In the Condition section, select the name of the indicator.
  • Make the rest of the settings as you wish.
  • Finally, click on the Create button.
It's finished. After a few moments, your alert will be added to the Alerts menu.

  • The labels are displayed after the bars close.
  • Labels are displayed for the last 10,000 bars.

References: Investopedia
Release Notes: Handling of special situations where volume information is not provided by the vendor
Release Notes: The following bug (in free accounts) has been fixed:
"study references too many candles in history"
From now on, labels will be displayed for the last 5,000 bars.
Release Notes: You can now display report tables from the settings menu:
Release Notes: FIXED - Old labels were not removed
Release Notes: ✈️ Migrate to Pine version 5

Skript med en öppen källkod

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Vill du använda det här skriptet i ett diagram?