Momentum 8% 4% 9M

Momentum 8% 4% 9M is a simple yet effective visual indicator designed to highlight significant daily price moves and high volume activity on your stock charts.

Features:

Daily Price Move Highlights:

Background turns green when the daily price gain is equal to or greater than 8%, signaling strong bullish momentum.

Background turns red when the daily price drop is equal to or less than -4%, indicating notable bearish moves.

High Volume Marker:

Displays a small yellow upward triangle below the bar on days when the trading volume exceeds 9 million, helping you easily spot volume spikes.

This indicator provides clear visual cues directly on your price chart, making it easier to spot days of unusual market activity without cluttering your chart with excessive labels. It is ideal for traders looking to quickly identify big moves and volume surges for further analysis or trading decisions.

How it works:
The script calculates the daily percentage change from the previous close and compares it with predefined thresholds (8% up, 4% down). Volume is checked against the threshold of 9 million shares. Appropriate background colors and shape markers are then plotted accordingly.