Normalized Volume
A simple study of normalized volume. Normalizing the volume can sometimes make it easier to see when it is above average. Normalizing volume in this way portrays the total volume as a percentage above or below the moving average chosen. By this method, its output number is the percentage above 100% or below 100% (ie. a value of 110 really means the day's volume is 10% greater than the moving average.)
I have also included a monochrome option, that I prefer on my charts as well as a rising/falling (1 period) indication on the moving average, which I have defaulted to 9 periods (fully customizable).
For me, displaying the moving average rising/falling makes sense as oftentimes when the volume flow changes direction, it heralds an end or pause in the move.
The default settings are for normalization off, and monochromatic display. Check their respective boxes for your preferred view.
I sincerely hopes this helps any fans of volume indicators.
And as always, trade responsibly, I am not responsible for gains/losses incurred and make no claim to authorship of this idea.
Good Trading folks, enjoy.
Shiroki
I have also included a monochrome option, that I prefer on my charts as well as a rising/falling (1 period) indication on the moving average, which I have defaulted to 9 periods (fully customizable).
For me, displaying the moving average rising/falling makes sense as oftentimes when the volume flow changes direction, it heralds an end or pause in the move.
The default settings are for normalization off, and monochromatic display. Check their respective boxes for your preferred view.
I sincerely hopes this helps any fans of volume indicators.
And as always, trade responsibly, I am not responsible for gains/losses incurred and make no claim to authorship of this idea.
Good Trading folks, enjoy.
Shiroki
//@version=2 // A simple study of normalized volume. Normalizing the volume can sometimes make it easier to see when it is above average. // Normalizing volume in this way portrays the total volume as a percentage above or below the moving average chosen. By this // method, its output number is the percentage above 100% or below 100% (ie. a value of 110 really means the day's volume is // 10% greater than the moving average.) // I have aslo included a monchrome option, that I prefer on my charts as well as a rising/falling (1 period) indication on the moving average, // which I have defaulted to 9 periods (fully customizable). // The default settings are for normalization off, and monochromatic display. Check their repective boxes for your prefered view. // I sincerely hopes this helps any fans of volume indicators. // And as always, trade responsibly, I am not responsible for gains/losses incured and make no claim to authorship of this idea. // Good Trading folks, enjoy. // Shiroki study(title="Normalized Volume", shorttitle="NVol", precision=0,overlay=true,scale=scale.left) src = volume choice = input(false, title="normalized volume?") per = input (9, title="Moving average") ma = sma(src,per) col = rising(ma,1)?aqua:falling(ma,1)?fuchsia:silver plot(choice?100:na, color=silver,transp=0) nv = (src/ma*100) cwheel = close>=open?green:orange mono = input(true, title="Monochromatic volume?") plot(choice?nv:src, color = mono?#2f4f4f:cwheel, style=columns, title="Volume", transp=60, linewidth=3) plot(choice?na:ma, color=mono?silver:col, style=line, title="MA",transp=0,linewidth=2)