Volume Tick Color Indicator

Overview
A clean volume indicator that highlights significant volume spikes using color-coded bars. Quickly identify high-volume breakouts and low-activity periods at a glance.

How to Use
Black Bars — High volume detected. Price action on these bars often signals strong momentum or potential breakout/breakdown. Pay attention to the direction of the candle.
Green Bars — Normal or low volume. Market is in a quieter phase with less participation.

Settings
EMA Period for High Volume — Adjusts sensitivity for detecting volume spikes. Lower values = more signals, higher values = fewer but stronger signals.
Lookback Bars for High Volume — Number of previous bars the current volume must exceed to qualify as high volume.
Average Volume Period — Additional filter requiring volume to exceed this longer-term average. Enabled by default at 100 bars for stricter high-volume detection.
Enable Average Volume Filter — Toggle the additional average volume filter on/off.
Use Different Colors for Bullish/Bearish High Volume — When enabled, distinguishes between high volume on up-candles vs down-candles using separate colors.
Show EMA Line — Display the volume EMA as an orange reference line.

Alerts

* High Volume Alert — Triggers when a high-volume bar is detected.
* Low Volume Alert — Triggers when volume drops below the previous 2 bars.


Best Used For

* Spotting breakout confirmation
* Identifying climax volume at tops/bottoms
* Filtering low-conviction price moves
* Confluence with price action or other indicators