Volume PRO X
- Indicators
-
Rodrigo Arana Garcia
I have a degree in economics and a master's degree in financial markets.
I have been studying the markets for the last 10 years and developing algorithmic techniques for the last 7 years. - Version: 1.0
Heatmap Volume shows you at a glance when volume is truly unusual. Every volume bar is colored according to how many standard deviations it sits away from its moving average, from Low to Extra High, and the same color is painted on the candles of the main chart. Bursts of participation, climaxes and quiet phases become visible directly on price, with no numbers to read.
How it works
The indicator calculates the moving average and the standard deviation of volume (610 bars by default) and measures how far each bar is from that average, in standard deviations (σ). Each bar is assigned one of five levels:
- Extra High (red): more than 4.0 σ above the average
- High (orange): more than 2.5 σ
- Medium (yellow): more than 1.0 σ
- Normal (light blue): more than −0.5 σ
- Low (teal): below −0.5 σ
All multipliers are adjustable, so you can make the heatmap more or less sensitive for each market.
Main features
- Colored candles on the main chart: each candle takes the heatmap color of its volume. The original chart colors are restored automatically when the indicator is removed.
- Two color modes: Heatmap (five heat levels) or Up/Down (shades of green for bullish bars and red for bearish bars, by intensity).
- Threshold zones: show the levels as filled backgrounds, as lines, both, or hide them, with adjustable transparency.
- Optional moving average of volume with a selectable color.
- Tick volume or real volume (for exchange-traded symbols).
- Alerts for Extra High, High and Medium volume, with a direction filter (any, bullish or bearish bars), an option to alert only on closed bars, and popup, push notification and email delivery.
- Fully customizable: lengths, multipliers, all 15 colors, volume bar width and candle body width.
- Automatically adapts to the chart background (light or dark themes).
- Closed bars do not repaint; the current bar updates in real time.
- Works on any symbol and timeframe: Forex, gold, indices, crypto, stocks and futures.
How to use it
- Confirm breakouts: a breakout backed by High or Extra High volume has real participation behind it; one on Low volume deserves caution.
- Spot climaxes and exhaustion: Extra High bars after an extended move often mark capitulation or stop runs.
- Detect absorption: very high volume on a small candle body suggests that one side is absorbing the other.
- Filter quiet markets: sequences of Low and Normal bars help you avoid entries without momentum.
Input parameters
- Calculation: MA Length, Standard Deviation Length, Volume type (tick / real).
- Heatmap Threshold Multipliers: Extra High, High, Medium, Normal.
- Color settings: colored bars, candle body width adjustment, zone display (none / lines / backgrounds / both), color mode, volume bar width, zone and line transparency, show moving average and its color.
- Heatmap colors, Up colors, Down colors: five colors per palette.
- Alerts: levels, bar direction, closed bar only, popup, push, email.
Notes
- This is an indicator: it does not open or manage trades.
- Candle coloring is shown in candlestick and bar chart modes; in line chart mode only the volume window is drawn.
- To receive push notifications and emails, set them up first in MetaTrader 5 (Tools → Options).
- Real volume is only available if your broker provides it; otherwise use tick volume.
