PromptBase
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Over 1 month ago
Prompt Details
Model
Chat - GPT-4o (gpt-4o)
Token size
148 ($0.00740 / call)
Example input
[ describe the purpose and use of the volume indicator ]: identify key breakout zones using volume analysis
Example output
Below is the Pine Script code for a volume-based indicator that identifies key breakout zones using volume analysis. The code is well-documented and includes all requested features.
```pinescript
//@version=5
indicator("Volume Breakout Zones", overlay=false)
// Input parameters
ma_length = input.int(20, title="Volume Moving Average Length", minval=1)
volume_threshold = input.float(1.5, title="Volume Spike Threshold (Multiplier)", minval=1)
alert_threshold = input.float(2.0, title="Extreme Volume Alert Threshold (Multiplier)", minval=1)
// Calculations
volume_ma = ta.sma(volume, ma_length)
is_spike = volume > volume_threshold * volume_ma
is_extreme = volume > alert_threshold * volume_ma
increasing_volume = volume > volume[1]
decreasing_volume = volume < volume[1]
// Color-coded bars
bar_color = na
bar_color := is_extreme ? color.red :
is_spike ? color.orange :
increasing_volume ? color.green :
decreasing_volume ? color.blue : na
// Plot volume bars
plot(volume, color=bar_color, style=plot.style_columns, title="Volume Bars")
// Highlight moving average
plot(volume_ma, color=color.yellow, linewidth=2, title="Volume Moving Average")
// Overlay for key price levels
if is_spike
hline(close, "Volume Spike Level", color=color.purple, linestyle=hline.style_dotted)
label.new(bar_index, close, "Spike", color=color.new(color.purple, 80), style=label.style_circle, textcolor=color.white)
// Alerts
alertcondition(is_extreme, title="Extreme Volume Alert", message="Volume exceeded extreme threshold!")
alertcondition(is_spike, title="Volume Spike Alert", message="Volume exceeded spike threshold!")
// Comments for adaptation
/*
1. This script calculates a simple moving average (SMA) of volume to identify trends.
2. Spikes are identified when volume exceeds a configurable multiple of the SMA.
3. Extreme volume is defined as a higher multiple of the SMA and triggers alerts.
4. Bars are color-coded to help traders quickly identify trends:
- Red: Extreme volume
- Orange: Significant spike
- Green: Increasing volume compared to the previous bar
- Blue: Decreasing volume compared to the previous bar
5. Key price levels where volume spikes occur are overlaid as dotted lines with optional labels.
6. Traders can adjust the moving average length and thresholds to fit their trading strategy.
*/
```
### Features in Detail
1. **Volume Trends**:
- Calculates a simple moving average (SMA) of volume to establish baseline trends.
- Identifies volume spikes based on the SMA and a user-defined multiplier.
2. **Configurable Inputs**:
- Moving average length and volume spike thresholds are adjustable via inputs.
3. **Visual Alerts**:
- Highlights extreme volume bars in red and triggers alerts for them.
- Orange bars indicate significant spikes but below extreme thresholds.
4. **Color-Coded Bars**:
- Provides quick visual cues: green for rising, blue for falling, orange for spikes, and red for extreme.
5. **Key Price Levels**:
- Overlays horizontal lines and optional labels at price levels associated with volume spikes.
6. **Extensibility**:
- Fully commented code allows easy customization and understanding.
You can copy and paste this script into the Pine Editor in TradingView to use and further customize it.