VXN Net Volume

This indicator is based on other open source scripts. It displays net volume (buying minus selling) approximated from lower timeframe data, helping traders gauge buying/selling pressure.

It uses the CBOE Nasdaq Volatility Index (VXN) to color the chart background: green for low volatility (bullish) when VXN's short-term EMA is below its long-term SMA, and red for high volatility (bearish) when above.

The net volume color is not filtered by the VXN Index trend direction (background color). It’s highly recommended to align with the VXN Index trend direction when using net volume to confirm your entry. A red net volume with a red background or a green net volume with a green background provides a high-probability setup.

A moving average of net volume is optionally plotted as a blue area to highlight significant volume levels.

Enjoy this indicator? Consider a donation to support development! buymeacoffee.com/louisgph