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.
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.
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.