Volume Bars

#What you see

One bar per candle in its own pane, all in the same color. The highest visible bar fills the pane and the others are scaled to it, so the pane always shows volume relative to the current view.

#How it is calculated

There is no calculation: each bar is the volume of its candle as it comes with the market's candle data. Bars are not colored by candle direction.

#How to read it

• Breakouts on rising volume are more trustworthy than breakouts on falling volume.
• Volume spikes often mark capitulation or exhaustion at the end of a move.
• Pullbacks on low volume within a trend suggest the trend is intact.
• Whether a bar is unusual only becomes clear against an average of recent volume.

#Using it in strategies

Output: value (the candle's volume). In the Trade Setup, "Compare" checks it against a fixed amount. Relative checks are easier in WickScript, which has the series volume, e.g. volume > 2 * sma(volume, 20) for a volume spike. With use indicator "Volume Bars" as vol you read this indicator as vol.value.

#Settings

Open the settings with the slider icon next to the indicator (Indicators, F3). Numeric settings can be swept as Step 1 / Step 2 parameters when you run a strategy.

#Outputs

These values can be used in Trade Setup triggers, filters and exits (see Trade Setup) and in WickScript.

#Use in WickScript

use indicator creates this indicator inside a script, with settings by their ID. Each output is a field of the name after as. See WickScript indicators.

wickscript 1
indicator "Volume Bars from the list" in pane
use indicator "VOL" as myVol
show myVol.value as line "value"