OPEN-SOURCE SCRIPT
Volume Spike Detector
Volume Spike Detector
This script is designed to identify significant spikes in trading volume and visually represent them on the chart. It calculates the 20-period simple moving average (SMA) of the trading volume and multiplies it by a user-defined threshold to determine the spike threshold. When the current volume exceeds this threshold, the script detects and highlights a volume spike.
Key Features:
Dynamic Spike Threshold:
The script calculates the spike threshold dynamically based on the average trading volume. Users can customize the threshold multiplier using an input setting.
Example: A threshold multiplier of 2.0 means the current volume must be twice the 20-period SMA to trigger a detection.
Visual Representation:
The current volume is plotted in blue bars.
The spike threshold is plotted as a red line, making it easy to visually identify when the volume crosses the threshold.
Alert Notification:
When a volume spike is detected, an alert is triggered to notify the user.
This feature is useful for real-time monitoring and spotting potential trading opportunities.
Use Case:
Traders can use this tool to identify sudden increases in trading activity, which may indicate a significant market move or event. It’s suitable for all markets, including cryptocurrencies, stocks, and forex.
This script is designed to identify significant spikes in trading volume and visually represent them on the chart. It calculates the 20-period simple moving average (SMA) of the trading volume and multiplies it by a user-defined threshold to determine the spike threshold. When the current volume exceeds this threshold, the script detects and highlights a volume spike.
Key Features:
Dynamic Spike Threshold:
The script calculates the spike threshold dynamically based on the average trading volume. Users can customize the threshold multiplier using an input setting.
Example: A threshold multiplier of 2.0 means the current volume must be twice the 20-period SMA to trigger a detection.
Visual Representation:
The current volume is plotted in blue bars.
The spike threshold is plotted as a red line, making it easy to visually identify when the volume crosses the threshold.
Alert Notification:
When a volume spike is detected, an alert is triggered to notify the user.
This feature is useful for real-time monitoring and spotting potential trading opportunities.
Use Case:
Traders can use this tool to identify sudden increases in trading activity, which may indicate a significant market move or event. It’s suitable for all markets, including cryptocurrencies, stocks, and forex.
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.