The indicator is the development of the idea of using the Normalized Volume.
First, the normalized volume values are now expressed as a percentage of the average value for the period. Consequently, the data on the chart can now take negative values, which means a lull in the market.
Another useful addition is coloring of the histogram columns depending on the value of the normalized volume.
Gray color means that the current volume is less than the average for the period;
Blue color means a small excess of the volume compared to the average for the period;
Brown color means that the increase in volume has exceeded the 38,2% Fibo level compared to the average for the period;
Red color means that the increase in volume has exceeded the 61,8% Fibo level compared to the average for the period;
Yellow color (red in the figure below, so as not to blend with the background) means that the increase in volume has exceeded the 100% level compared to the average for the period.
