(Optimized) Volume Based Colored Bars

Volume Based Colored Bars (VCB)

This indicator analyzes the relationship between price action and volume to provide visual cues for traders. It colors the price bars based on whether the bar's volume is high, medium, or low relative to the moving average of volume. Additionally, it distinguishes between bullish (price closed higher than it opened) and bearish (price closed lower than it opened) bars, offering a quick and intuitive way to assess market sentiment and activity.

Key Features:
Volume Classification:

High Volume: Volume is greater than 1.5 times the moving average.
Medium Volume: Volume is between 0.5 and 1.5 times the moving average.
Low Volume: Volume is less than 0.5 times the moving average.
Price Action Analysis:

Bullish Bars: Bars where the closing price is higher than the opening price.
Bearish Bars: Bars where the closing price is lower than the opening price.
Bar Colors:

Bearish High Volume: Dark red.
Bearish Medium Volume: Red.
Bearish Low Volume: Orange.
Bullish High Volume: Dark green.
Bullish Medium Volume: Lime green.
Bullish Low Volume: Aquamarine.

This indicator helps traders quickly identify when price movements are supported by significant volume, offering potential insights into market strength or weakness. Ideal for both novice and experienced traders looking for an edge in their analysis.