"Mastering Volume Spike Indicator: What's Your Magic Number?" For ThinkOrSwim

[UpTwoBucks]

In this comprehensive video, we dive deep into the world of volume spike indicators and how they can become your ultimate ally in the stock market or any trading environment. Volume spikes often hold valuable insights into market sentiment, liquidity, and potential price movements. Join us as we demystify the volume spike indicator and reveal powerful strategies to interpret and leverage this crucial tool effectively. Whether you're a seasoned trader or a beginner looking to enhance your trading skills, this video is a must-watch for anyone seeking to gain a competitive edge in the financial markets.

# Set the percentage threshold for the spike
def spike_percentage_threshold = 0.0;

# Calculate the relative volume for the current bar
def rel_vol = volume / Average(volume, 50);

# Calculate the percentage change in volume relative to the average volume
def vol_change_pct = (rel_vol - 1.0) * 100.0;

# Determine if the current bar has a volume spike
def is_spike = vol_change_pct >= spike_percentage_threshold;

# Define the label value as the percentage change in volume if it is a spike, otherwise NaN
def label_value = if is_spike then vol_change_pct else Double.NaN;

# Determine if the current bar is bullish or bearish based on the close price
def is_bullish = close > open;
def is_bearish = close < open;

# Add the label to the watch list
AddLabel(yes,
         if is_spike and is_bullish then Concat(AsPercent(vol_change_pct / 10000.0), " - Bullish")
         else if is_spike and is_bearish then Concat(AsPercent(vol_change_pct / 10000.0), " - Bearish")
         else "",
         if is_spike and is_bullish then Color.GREEN
         else if is_spike and is_bearish then Color.dark_orange
         else Color.BLACK);

To install watch this video:

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