Volume with EMA and Coloring Rules

Summary
This indicator plots the market’s volume as a histogram in a separate panel (not overlaid on the main price chart). An EMA (Exponential Moving Average) is then calculated based on the volume. The color of each volume bar switches dynamically:
• Blue when the bar’s volume is higher than the EMA
• White when the bar’s volume is lower than or equal to the EMA

This simple visual cue allows you to quickly see if the market’s current volume is above or below its average trend.

How to Use
1. Add to Chart
Apply the indicator to your TradingView chart, and it will open in a separate panel beneath the price.
2. Adjust EMA Length
Modify the “EMA Length” to control how quickly the average volume adapts to changes.
3. Interpretation
• Blue bars may indicate stronger-than-usual participation.
• White bars indicate volume is relatively lower compared to its recent average.

This indicator provides an at-a-glance way to see if trading activity is intensifying or easing, which can be paired with other technical or fundamental tools to help confirm market shifts or potential opportunities.