Volume Speed Widget [D4A]INTRODUCTION
This is a fork of popular Trading View script made by MUQWISHI .
This version offers several changes and new additions which are not available in original script.
Key changes:
- smaller widget size, which makes it more convenient for smaller screens and resolutions (laptop or smartphone), main reason for this fork
- toned down the graphics to make it less distracting
- toned down the flash effect (can be turned off as well)
- Speed Volume (AVG) which is probably the most useful part of the widget has background color changing with increasing or decreasing speed
- added Relative Speed (REL) which is more meaningful metrics (able to compare speeds across different assets)
- added 2 types of CVD (cumulative volume delta) to help gauge market short-time volume trend.
- CVD background color changes depending on positive or negative value (3 CVD display modes are available)
- When large orders are displayed, along with their numerical values there are also direction colored circles displayed
- Small rectangle markers are added to indicate increasing or decreasing values throughout the available metrics
- Volume can be displayed as % of total instead of only raw value
The Purpose of the script , as per original author:
The “Volume Dynamic Scale Bar” is a method for determining the dominance of volume flow over a selected length and timeframe, indicating whether buyers or sellers are in control. In addition, it detects the average speed of volume flow over a specified period
Who is this script for?
- short term traders who want to use more accurate volume data when making trading decision, eg. scalpers, day traders
- best used on 1m or 5m charts
- this script can help when deciding to enter or exit position, eg. volume speed increase may indicate institutional participation and volume decrease may indicate low interest from major players
IMPORTANT
To use full potential of the script, you need the following:
- access to 1 second volume chart data which is available through Trading view subscription plans (Premium, Ultimate), 30 days free trial is available (no TV relationship, just friendly advice)
- trade an asset with real volume data through dependable broker (often additional paid option), or through a prop firm account (paid option as well)
If you don't have the above you can still use the script in a limited way, eg. on 5m or higher timeframe using 1m as your lower timeframe source of volume data.
SETTINGS
- Lower Timeframe - the timeframe from which volume data is pulled from, recommended 1 second (if you have access)
- Length - how much data is pulled at once (also used for LTF CVD computation)
- Widget location - location of the widget on the chart
- Size - the size of text in the majority of values displayed (apart from Speed, which has separate variable)
- Volume Up / Down - main colors for positive and negative volume
- Accent - additional colors used for various indicators in the widget
- Background & Text - background and text colors respectively
- AVG Vol. Threshold and BG Color Dials - thresholds and corresponding colors are provided to customize Speed display
- Text - text size variable for Speed AVG and REL
- Volume Speed Multipliers - multipliers for various markets to customize displayed raw Speed values so they are meaningful to the trader
- Enable Relative Speed - useful to see what's the ratio of current raw speed to average speed over the Baseline Period
- Baseline Period - choose which period should be used to calculate relative volume speed
- Make the Volume Scale Bar Spaced - toggles different version of volume bar display
- Display Volume as Percent of Total - display percent instead of raw number
- Enable 3-Second Flash When Volume is Greater Than Average by X Times - when enabled, the widget "flashes" when large orders are discovered
- Enable CVD (Cumulative Volume Delta) - enables display of chart CVD and LTF CVD
- Cumulation Type - three methods of calculating CVD are provided: SUM, EMA (default) and SMA
- Length - how many chart bars are used to calculate chart CVD
- CVD Source - which CVD type to display in the widget
- CVD BG Color Based On - which CVD should the background color of CVD (bottom row) be based on (LTF or chart)
Default settings of the script have been tuned using the asset of MNQ1! and dark theme in TV. You may tune the widget accordingly to your asset and preferred color scheme.
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