Volume By Color RSJ MT4
- Indicators
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JETINVEST
Jet Invest develops indicators and trading tools for MetaTrader 4 and 5: order flow, volume, market structure and market overview panels for B3 (WIN, WDO and Brazilian stocks), US indices and forex. - Version: 1.0
Volume By Color RSJ paints the volume bar in a darker color when the traded volume is above its own moving average, so candles with unusual activity stand out.
An optional four-color mode shows the strength of each candle's volume in steps.
By default the indicator compares each bar with the 20-period simple average of the volume. The average type and period can be changed in the inputs.
How to use
The colored bars make it easy to spot breakouts, rejections and climax candles that happen with volume above normal.
A candle that breaks a level with high volume shows participation in the move, while a breakout with low volume shows little interest.
In the four-color mode, each color represents a range of volume strength compared with the average, from weak to very strong.
The indicator is drawn in a separate window and works on any symbol and timeframe.
If you find this indicator useful, please leave a review. It helps other traders find it.

This is a very useful indicator for me, it guides my entry and exit decisions. Thanks