This is an expansion of the Historical Volatility scripts to include both price and volume volatility.
As Tradingview states: Historical Volatility is a measure of how much price (and now volume ) deviates from its average in a specific time period that can be set. The more price (or/and volume ) fluctuates, the higher the indicator value. Please note it does not measure the direction of price (and volume ) changes, just how volatile price/ volume has become. There are several reasons to care about volatility but it's mainly a risk measure. As volatility increases, so does risk and uncertainty and vice versa. Traders can use the indicator to flag instruments with high volatility which could point to a trend change. It is often used in combination with other signals.
This is really awesome, thank you so much for making this and for making it open source.
New9999
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Can you explain on color each stand for ? thanks
kocurekc
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@New9999, it just a gradient on the magnitude...you can change them to whatever you want...they are at 30/50/70/80/90 percent levels
OggyTrades
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awesome - thank you
simwai
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Ty mate, incredible work!
Gann-Mode
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Love this!! 👍
kocurekc
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@neubenjamin, thanks!
efe_alp38
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dude What is the difference between the colors in the histograms? can you please explain
kocurekc
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@efe_alp38, it is just the intensity of the magnitude/output...they are at 30/50/70/80/90 percent levels. The yellow and red arrows indicate (yellow) either price or volume has exceeded the HVP level, and (red) both price and volume exceeded the HVP threshold.