VIBGYOR Volume (Compact Label)

This indicator enhances standard volume bars by applying a VIBGYOR color intensity scheme to highlight meaningful changes in market participation.

🔹 Key Features

Volume Intensity Coloring

Rising volume → Indigo → Blue → Green (increasing strength).

Falling volume → Yellow → Orange → Red (weakening participation).

Neutral → Grey (close to baseline).

Customizable Thresholds

Set independent Step Up % and Step Down % to control when the color shifts to the next level.

Example: Step Up = 20% (catch spikes faster), Step Down = 40% (less noise on drying volume).

Compact Labels

A tiny label appears only when the tier changes, showing % deviation with an arrow (↑ / ↓) or dot (·).

Keeps the chart clean while still drawing attention to important shifts.

Baseline Options

Choose SMA, EMA, or Previous Bar as the reference volume baseline.

Optionally use Volume × ATR for “true participation” intensity.

🔹 Use Cases

Confirm breakouts with strong participation (Blue → Green).

Spot rallies on weakening volume (Orange → Red).

Quickly see if current volume is just noise or meaningful.