Volume Spike Retracement

Following many people’s request to add “Volume” mode again in my “Institutional OrderBlock Pressure” script. I decided to release an improved  
and full-fledged script. This will be the last OB/Retracement script I will release as we have explored every possible way to find them.

-The script uses the the 0.5 Pivot and the maximum value set for Volume Length to find ‘Peak Volume’. Once these conditions are met, the script starts creating a Retracement Line. 
-By default, the  Volume Length value is set to 89, which works well with most Timeframes following the OrderBlocks/Retracements logic used in my scripts. 
-You have the option to set Alerts when the “Volume Spike Limit” is reached or when a Price Crossing with a Line occurs.

NOTE : Yes Alerts appear instantly. Moreover, they are not ‘confirmed’ you must ALWAYS wait for confirmation before making a choice.

Volume Spike Retracement in action on US Crude Oil WTI CFD.

Screenshot taken from the Settings menu of Next-Gen Engulfing Retracement.

Here is the complete list of features present in this indicator :

  • Full Indicator Customization
  • Volume Spike Length (Set to 89 by default)
  • Multiplier (set to 0.5 by default)
  • Retracement lines automatically plotted when an Spike is detected until the line is cross.
  • Full Range (High/Low) for Bearish/Bullish Retracement Lines
  • Extend Lines option
  • Last Retracement Lines Prices
  • Wick – Zone Lines Type Choice
  • Volume OB Labels with Price and Volume Value

This indicator contain Alerts, you can set them by choosing the ‘Any Alerts Function Call‘ to automatically configure them.

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Or copy / paste the source code into your pine editor :

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © RickSimpson

//@version=5
indicator("Volume Spike Retracement", 'Volume Spike Retracement', overlay=true, max_bars_back=500, max_lines_count=500, max_labels_count=500)

//Inputs

highcolor   = input.color(defval=color.red,   title='Top Retracement',                                            group='Chart Customization', inline='customcolor')
lowcolor    = input.color(defval=color.green, title='Bottom Retracement',                                         group='Chart Customization', inline='customcolor')
vsprice     = input.bool(defval=true,         title='Show Historical Price Labels?',                              group='Volume Spike Settings')
vsvlength   = input.bool(defval=true,         title='Show Historical Volume Length Labels?',                      group='Volume Spike Settings')
vslength    = input.int(defval=89,            title='Volume Spike Length', minval=1,                              group='Volume Spike Settings')
multiplier  = input.float(defval=0.5,         title='Multiplier',          minval=0.1, step=.1,                   group='Volume Spike Settings')
linecount   = input.int(defval=10,            title='Maximum Lines',       minval=1, maxval=200,                  group='Retracement Settings')
layout      = input.string(defval='Wick',     title='Lines Type',          options=['Wick', 'Zone'],              group='Retracement Settings', inline='lines')
linestyle   = input.string(defval='Solid',    title='Lines Style',         options=['Solid', 'Dotted', 'Dashed'], group='Retracement Settings', inline='lines')
linessize   = input.int(defval=1,             title='Lines Size',          minval=1, maxval=3,                    group='Retracement Settings', inline='lines')
extend      = input.bool(defval=false,        title='Extend Lines?',                                              group='Retracement Settings', inline='lines')
vsalerts    = input.bool(defval=true,         title='Enable Volume Spike Limit Alerts?',                          group='Alerts Setup')
crossalerts = input.bool(defval=false,        title='Enable Top/Bottom Lines Crossed Alerts?',                    group='Alerts Setup')

//Price Variables Declaration

close_     = close
low_       = low
high_      = high
open_      = open
bar_index_ = bar_index

//Color Call Function

fzonecolor(obcolor, _call) =>
    c1 = color.r(obcolor)
    c2 = color.g(obcolor)
    c3 = color.b(obcolor)
    color.rgb(c1, c2, c3, _call)

//Round Function

round_f(x) =>
    math.round(x / syminfo.mintick) * syminfo.mintick

//Volume Spike Calculation

hvs       = ta.highest(volume, vslength)
abs       = volume * 100 / hvs * 4 / 5
smoothing = ta.ema(abs, 21)
equal     = abs - smoothing
limit     = ta.highest(equal, vslength) * multiplier
cum       = equal > 0 and equal >= limit
beardir   = close < open
bulldir   = close > open

//Conditions

bearvol     = beardir and cum ? -1 : 0
bullvol     = bulldir and cum ?  1 : 0
bearbccolor = bearvol ? highcolor  : na
bullbccolor = bullvol ? lowcolor   : na

//Boolean Conditions to Float

var float bearvolprice = na
if bearvol
    bearvolprice := high_
    bearvolprice
var float bullvolprice = na
if bullvol
    bullvolprice := low_
    bullvolprice

//Plotting

plotshape(bearvol, title='Bearish Volume Spike', style=shape.triangledown, location=location.abovebar, color=color.new(highcolor, 0), size=size.tiny)
plotshape(bullvol, title='Bullish Volume Spike', style=shape.triangleup,   location=location.belowbar, color=color.new(lowcolor,  0), size=size.tiny)
barcolor(bearbccolor)
barcolor(bullbccolor)

if vsprice or vsvlength
    l=ta.crossunder(bearvol, 0) ? label.new(bar_index_, bearvolprice[1] + 0.01, vsprice and vsvlength ? str.tostring(round_f(bearvolprice))  + ' - ' + str.tostring(math.round(abs)) : vsprice ? str.tostring(round_f(bearvolprice)) : vsvlength ? str.tostring(math.round(abs)) : na, color=color.new(highcolor, 100), textcolor=highcolor, style=label.style_label_down, yloc=yloc.abovebar, size=size.small) : ta.crossover(bullvol, 0) ? label.new(bar_index_, bullvolprice[1] + 0.01, vsprice and vsvlength ? str.tostring(round_f(bullvolprice))  + ' - ' + str.tostring(math.round(abs)) : vsprice ? str.tostring(round_f(bullvolprice)) : vsvlength ? str.tostring(math.round(abs)) : na, color=color.new(lowcolor, 100), textcolor=lowcolor, style=label.style_label_up, yloc=yloc.belowbar, size=size.small) : na
    l

if vsalerts and bearvol == 1
    alert('Bearish Volume Spike Limit! At ' + str.tostring(bearvolprice), alert.freq_once_per_bar)
if vsalerts and bullvol == 1
    alert('Bullish Volume Spike Limit! At ' + str.tostring(bullvolprice), alert.freq_once_per_bar)

//Retracement Lines Variables Declaration

var int     numberofline       = linecount
var float   upperphzone        = na
var float   upperplzone        = na
var float   lowerphzone        = na
var float   lowerplzone        = na
var line[]  upperphzonearr     = array.new_line(0, na)
var line[]  upperplzonearr     = array.new_line(0, na)
var line[]  lowerphzonearr     = array.new_line(0, na)
var line[]  lowerplzonearr     = array.new_line(0, na)
var line    upperphzoneline    = na
var line    upperplzoneline    = na
var line    lowerphzoneline    = na
var line    lowerplzoneline    = na
var bool[]  upperzonetestedarr = array.new_bool(0, false)
var bool[]  lowerzonetestedarr = array.new_bool(0, false)
var bool    upperzonetested    = false
var bool    lowerzonetested    = false
var bool    nobool             = true
var bool    showprice          = true
var color   upperzonecolor     = highcolor
var color   lowerzonecolor     = lowcolor
var label[] labelpharr         = array.new_label(0, na)
var label[] labelplarr         = array.new_label(0, na)
var label   labelph            = na
var label   labelpl            = na

//Lines Styles String

f_linestyle(_style) =>
    _style == 'Solid' ? line.style_solid : _style == 'Dotted' ? line.style_dotted : line.style_dashed

//Top Retracement Lines Calculation

if bearvol
    upperphzone     := high_
    upperplzone     := close_ < open_   ? close_ : open_
    upperplzoneline := layout == 'Zone' ? line.new(bar_index_,  upperplzone, bar_index, upperplzone, width=linessize) : na
    upperphzoneline := nobool           ? line.new(bar_index_,  upperphzone, bar_index, upperphzone, width=linessize) : line.new(bar_index_, (upperphzone + upperplzone) / 2, bar_index, (upperphzone + upperplzone) / 2, width=linessize)
    labelph         := showprice        ? label.new(bar_index_, nobool ? upperphzone : (upperphzone + upperplzone) / 2, text=str.tostring(bar_index - bar_index_), textcolor=upperzonecolor, style=label.style_none) : na
    if array.size(upperphzonearr) > numberofline
        line.delete(array.shift(upperphzonearr))
        line.delete(array.shift(upperplzonearr))
        array.shift(upperzonetestedarr)
        label.delete(array.shift(labelpharr))
    array.push(upperphzonearr, upperphzoneline)
    array.push(upperplzonearr, upperplzoneline)
    array.push(upperzonetestedarr,       extend ? true : false)
    array.push(labelpharr,             labelph)
if array.size(upperplzonearr) > 0
    for i = 0 to array.size(upperplzonearr) - 1 by 1
        line  tempupperline  = array.get(upperphzonearr,     i)
        line  templowerline  = array.get(upperplzonearr,     i)
        label linepricelabel = array.get(labelpharr,         i)
        bool  tested         = array.get(upperzonetestedarr, i)
        line.set_style(tempupperline, f_linestyle(linestyle))
        line.set_style(templowerline, f_linestyle(linestyle))
        line.set_color(tempupperline, color.from_gradient(i,       1, numberofline, fzonecolor(upperzonecolor, 00), fzonecolor(upperzonecolor, 00)))
        line.set_color(templowerline, color.from_gradient(i,       1, numberofline, fzonecolor(upperzonecolor, 00), fzonecolor(upperzonecolor, 00)))
        label.set_textcolor(linepricelabel, color.from_gradient(i, 1, numberofline, fzonecolor(upperzonecolor, 00), upperzonecolor))
        label.set_text(linepricelabel, str.tostring(round_f(line.get_y1(tempupperline))))
        label.set_text(linepricelabel, '                                              Top Retracement - ' + str.tostring(round_f(line.get_y1(tempupperline))))
        label.set_x(linepricelabel, bar_index)
        crossed = high > line.get_y1(tempupperline)
        if crossed and not tested
            array.set(upperzonetestedarr, i, true)
            label.delete(linepricelabel)
        if crossalerts and crossed and not tested
            array.set(upperzonetestedarr, i, true)
            label.delete(linepricelabel)
            alert('Top Line Has Been Crossed! At ' + str.tostring(close), alert.freq_once_per_bar)
        else if extend ? tested : not tested
            line.set_x2(tempupperline, bar_index)
            array.set(upperphzonearr, i, tempupperline)
            line.set_x2(templowerline, bar_index)
            array.set(upperplzonearr, i, templowerline)

//Bottom Retracement Lines Calculation

if bullvol
    lowerplzone     := low_
    lowerphzone     := close_ < open_   ? open_ : close_
    lowerphzoneline := layout == 'Zone' ? line.new(bar_index_,  lowerphzone, bar_index, lowerphzone, width=linessize) : na
    lowerplzoneline := nobool           ? line.new(bar_index_,  lowerplzone, bar_index, lowerplzone, width=linessize) : line.new(bar_index_, (lowerphzone + lowerplzone) / 2, bar_index, (lowerphzone + lowerplzone) / 2, width=linessize)
    labelpl         := showprice        ? label.new(bar_index_, nobool ? lowerplzone : (lowerphzone + lowerplzone) / 2, text=str.tostring(bar_index - bar_index_), textcolor=lowerzonecolor, style=label.style_none) : na
    if array.size(lowerphzonearr) > numberofline
        line.delete(array.shift(lowerphzonearr))
        line.delete(array.shift(lowerplzonearr))
        array.shift(lowerzonetestedarr)
        label.delete(array.shift(labelplarr))
    array.push(lowerphzonearr, lowerphzoneline)
    array.push(lowerplzonearr, lowerplzoneline)
    array.push(lowerzonetestedarr,       extend ? true : false)
    array.push(labelplarr,             labelpl)
if array.size(lowerplzonearr) > 0
    for i = 0 to array.size(lowerplzonearr) - 1 by 1
        line  tempupperline  = array.get(lowerphzonearr,     i)
        line  templowerline  = array.get(lowerplzonearr,     i)
        label linepricelabel = array.get(labelplarr,         i)
        bool  tested         = array.get(lowerzonetestedarr, i)
        line.set_style(tempupperline, f_linestyle(linestyle))
        line.set_style(templowerline, f_linestyle(linestyle))
        line.set_color(tempupperline, color.from_gradient(i,       1, numberofline, fzonecolor(lowerzonecolor, 00), fzonecolor(lowerzonecolor, 00)))
        line.set_color(templowerline, color.from_gradient(i,       1, numberofline, fzonecolor(lowerzonecolor, 00), fzonecolor(lowerzonecolor, 00)))
        label.set_textcolor(linepricelabel, color.from_gradient(i, 1, numberofline, fzonecolor(lowerzonecolor, 00), lowerzonecolor))
        label.set_text(linepricelabel, str.tostring(round_f(line.get_y1(templowerline))))
        label.set_text(linepricelabel, '                                                   Bottom Retracement - ' + str.tostring(round_f(line.get_y1(templowerline))))
        label.set_x(linepricelabel, bar_index)
        crossed = low < line.get_y1(templowerline)
        if crossed and not tested
            array.set(lowerzonetestedarr, i, true)
            label.delete(linepricelabel)
        if crossalerts and crossed and not tested
            array.set(lowerzonetestedarr, i, true)
            label.delete(linepricelabel)
            alert('Bottom Line Has Been Crossed! At ' + str.tostring(close), alert.freq_once_per_bar)
        else if extend ? tested : not tested
            line.set_x2(tempupperline, bar_index)
            array.set(lowerphzonearr, i, tempupperline)
            line.set_x2(templowerline, bar_index)
            array.set(lowerplzonearr, i, templowerline)

The content covered on this website is NOT investment advice and I am not a financial advisor.