OPEN-SOURCE SCRIPT
Volume Z-Score [T2][T69]
🧠 Overview
This indicator calculates the Z-Score of volume to identify unusual trading activity, particularly those associated with whale-like behavior. It helps traders detect aggressive accumulation, distribution, or breakout setups based on volume anomalies relative to historical norms.
🔍 Features
🧪 Risk Level & Behavior Reference
🔥 Aggressive(10–14) - Fast signal, high sensitivity to volume spikes. Suitable for scalping or altcoin breakouts.
⚖️ Moderate(20–30) - Balanced filtering of noise vs real movement. Recommended for most swing traders.
🛡️ Conservative(40–60+) - Filters out noise. Reacts only to sustained large volume anomalies. Ideal for longer timeframes or large-cap coins.
⚙️ How to Use (NON DIRECTIONAL INDICATOR)
⚠️ Limitations
🧠 Advanced Tips
📝 Disclaimer
This indicator calculates the Z-Score of volume to identify unusual trading activity, particularly those associated with whale-like behavior. It helps traders detect aggressive accumulation, distribution, or breakout setups based on volume anomalies relative to historical norms.
🔍 Features
- Z-Score plot of volume using a configurable lookback.
- Dynamic bar coloring based on Z-Score magnitude.
- 🐋 Small Whale marker appears when Z-Score exceeds +3.
- Supports manual adjustment of sensitivity through lookback bars input.
🧪 Risk Level & Behavior Reference
🔥 Aggressive(10–14) - Fast signal, high sensitivity to volume spikes. Suitable for scalping or altcoin breakouts.
⚖️ Moderate(20–30) - Balanced filtering of noise vs real movement. Recommended for most swing traders.
🛡️ Conservative(40–60+) - Filters out noise. Reacts only to sustained large volume anomalies. Ideal for longer timeframes or large-cap coins.
⚙️ How to Use (NON DIRECTIONAL INDICATOR)
- Use the Z-Score to gauge the strength of volume relative to recent history.
- When Z-Score > 1.5 → Considered above-average activity.
- When Z-Score > 3 → Marks a 🐋 Small Whale Move, potential for high-volatility follow-through.
- Combine with price action, support/resistance, or OBV for confirmation.
⚠️ Limitations
- This is a statistical signal, not directional.
- Works best when paired with context: supply zones, trend bias, or large candle patterns.
🧠 Advanced Tips
- Use multiple risk settings (e.g., 14 vs 50) on stacked indicators to track retail vs whale behavior separately.
- Works well with low-float tokens and high-leverage exchange pairs like BTC/USDT (Bybit).
📝 Disclaimer
- This script is provided for educational and analytical purposes only. Do your own research and manage your risk responsibly.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.