OPEN-SOURCE SCRIPT
Updated Volume Density w/barcolor
Opacity limit set to 70 min & barcolor overlay
The transparency of each candle is based on volume density.
Volume density is calculated as follows.
Volume density = Volume / Price range
Price range uses true range "max(high - low, abs(high - close), abs(low - close))".
Since volume density varies drastically by stock or time, the transparency is calculated based on the deviation rate from the average volume density.
https://tradingview.sweetlogin.com/x/BUsZAwcg/
The transparency of each candle is based on volume density.
Volume density is calculated as follows.
Volume density = Volume / Price range
Price range uses true range "max(high - low, abs(high - close), abs(low - close))".
Since volume density varies drastically by stock or time, the transparency is calculated based on the deviation rate from the average volume density.
https://tradingview.sweetlogin.com/x/BUsZAwcg/
Release Notes
This update adds 20+ color settings and removes the bars in favor of candle plots, lines, bars. see belowhttps://tradingview.sweetlogin.com/proxy-s3/snapshots/8/8Z0voJFq.png
https://tradingview.sweetlogin.com/proxy-s3/snapshots/u/uXEGKrFW.png
https://tradingview.sweetlogin.com/proxy-s3/snapshots/2/2HSqOo51.png
https://tradingview.sweetlogin.com/proxy-s3/snapshots/0/0rpVk2hL.png
https://tradingview.sweetlogin.com/proxy-s3/snapshots/x/XlOdDzmp.png
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.