Volume Columns w. Alerts (V)

The Volume Columns w. Alerts (V) indicator provides an enhanced volume analysis toolkit featuring multiple coloring schemes, relative volume modes, and customizable alert markers to identify significant market activity.

Usage

The tool can be utilized in two primary ways:

• Column Mode: Displays standard volume columns with advanced coloring options. Users can enable a Moving Average (EMA or SMA) to identify when volume is trending or spiking above average. A gradient coloring scheme can be used to visualize the relative position of the MA, providing a heatmap-like view of volume intensity.
• Relative Volume (RV) Mode: Compares current volume to previous bars or multiple lookback periods (5, 15, 50, and 200). This mode is useful for spotting unusual spikes that might precede significant price moves. The RV values are capped to maintain visual clarity during extreme surges.

Four distinct markers can be toggled to highlight specific conditions:

1. Bumps: Volume is above its MA, increasing, and price has moved.
2. Double Bumps: Two bumps occurring within a three-bar window, signaling sustained interest.
3. Volume Over MA: A simple trigger for any volume exceeding the moving average.
4. Relative Volume Threshold: Triggers when the RV crosses a user-defined multiplier (e.g., 2.0x normal volume).

Details

The indicator is designed to maximize the utility of standard volume data by applying statistical ranking and comparative logic. The "MA Relative Position" uses a percentile rank over a lookback period (default 100) to color columns based on how the current average compares to historical averages. For Relative Volume calculations, the script offers a "Multiple Area" view which overlays volume comparisons against several timeframes simultaneously, helping traders see if a spike is just local or significant on a broader scale.

Settings

Display Options

• Show Volume Columns: Toggles the visibility of the volume histogram.
• Color Columns using Relative Position of MA: Enables gradient coloring based on MA percentile rank.
• Distinguish Color of Increasing/Decreasing Columns: Adds distinct shades for rising vs. falling volume.
• Show MA: Toggles the Moving Average line and its underlying area fill.
• MA Length: Sets the period for the volume Moving Average.

Relative Volume

• Show Relative Volume (Multiple Areas): Switches the view to RV comparison layers.
• Relative Volume Cap: Limits the maximum height of RV plots to prevent scale distortion.
• Relative Volume Threshold: Sets the level for the Marker 4 trigger.

Markers & Alerts

• Longs Only / Shorts Only: Filters markers to show only bullish or bearish signals.
• Markers 1-4: Individual toggles for Bumps, Double Bumps, Volume > MA, and RV Threshold.
• Bump/Double Bump Background: Highlights the chart background when these specific markers trigger.

FAQ

How do I use the alerts on this indicator?

Configure the specific markers you wish to track in the settings, then create a TradingView alert selecting "Volume Columns w. Alerts (V)" and use the "Configured Markers" condition.

What is the difference between Column Mode and Relative Volume Mode?

Column Mode focuses on absolute volume relative to a moving average, while Relative Volume Mode focuses on the ratio of current volume compared to past averages to identify spikes.

How can I access Volume Columns w. Alerts (V)?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.