In a recent YouTube video we received many questions about a volume indicator one of our SMB Traders was using to display volume. The study color codes volume by the amount of volume on up-tick vs amount of volume on down-tick.

Use this script in TOS:

#HINT: This study color codes volume by amount of volume on up-tick versus amount of volume on down-tick

declare lower;

def O = open;
def H = high;
def C = close;
def L = low;
def V = volume;
def Buying = V*(C-L)/(H-L);
def Selling = V*(H-C)/(H-L);

# Selling Volume
Plot SV = selling;
SV.setPaintingStrategy(PaintingStrategy.Histogram);
SV.SetDefaultColor(Color.Red);
SV.HideTitle();
SV.HideBubble();
SV.SetLineWeight(5);

# Buying Volume
# Plot BV = Buying;
# Note that Selling + Buying Volume = Volume.
Plot BV =  volume;
BV.setPaintingStrategy(PaintingStrategy.Histogram);
BV.SetDefaultColor(Color.Dark_Green);
BV.HideTitle();
BV.HideBubble();
BV.SetLineWeight(5);

* no relevant positions