Indicator of volumes. It displays a color histogram of relative volumes by day hours:
- Hour from 08 to 13 – color red
- Hour from 14 to 17 – color bright green
- Hour from 18 to 21 – color red
- Hour from 22 to 23 – color green
- Hour from 00 to 07 – color blue
Volume of each hour is calculated as a ratio between the current volume to the mean volume value within the predefined range.
The indicator has one input parameter:
- Period – calculation period
Calculations:
VLM = Volume/VolAvg
where:
VolAvg = SMA(Volume, Period)
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