Volume Intensity Meter

Volume Intensity Meter

Overview

The Volume Intensity Meter is a Pine Script v6 indicator for TradingView that measures market momentum and direction using a volume-weighted intensity metric. It renders a normalized percentage score in a compact table with a gradient meter and directional arrows indicating bullish, bearish, or neutral conditions. A hybrid formula balances direction and volatility, and users can tune sensitivity and display settings.

How It Works

The indicator builds a hybrid intensity score from:
• Volatility component: (high − low) × volume (30% weight)
• Directional component: (close − open) × volume (70% weight)
The raw score is smoothed with an EMA (default 5) and normalized by a baseline SMA (default 20) to produce a percentage metric, clamped between −150% and +150%. A gradient row (red → yellow → green) provides context, and a pointer highlights the current intensity. Directional arrows (▲ bullish, ▼ bearish, ⎯ neutral) switch based on a user sensitivity threshold of 1% by default (0.01 in normalized units).

Key Features

• Hybrid Intensity Calculation: Blends directional and volatility signals with volume weighting.
• Gradient Meter Display: Color-coded table with a live pointer and center readout.
• Customizable Parameters: Lookback, smoothing, number of segments, and flip sensitivity.
• Momentum Pointer: Marks current intensity from bearish to bullish.
• Normalized Scale: Clamped output (±150%) for consistent reading across symbols.
• Toggleable Display: Show/hide the meter for a clean chart.

What It Displays

A normalized momentum readout with directional context, shown as a gradient meter plus arrows. This helps quickly assess shifts in pressure for scalping, day trading, or swing trading across stocks, forex, futures, or crypto.

Originality

The Pine v6 implementation uses TradingView’s built-in ta.ema and ta.sma for smoothing and baseline calculations.

Common Uses

• Monitoring short-term momentum changes.
• Visualizing intensity around key sessions.
• Adding a quick-glance pressure gauge to existing setups.

Configuration Notes

Set the lookback period (default 20), smoothing (default 5), and segments (default 21). The flip sensitivity is specified in normalized units (default 0.01 = 1%). Use the gradient meter and arrows to gauge momentum strength and direction.

Legal Disclaimer

This indicator is for informational and educational purposes only—not investment, financial, or trading advice. Past performance does not guarantee future results; trading involves risk. Provided “as is” with no warranties. Consult a qualified professional before making decisions.