SuperTrend Volume [BigBeluga]

SuperTrend Volume [BigBeluga] is an advanced trend-following indicator that combines the traditional SuperTrend method with a normalized volume visualization inside trend bands, offering enhanced insight into market dynamics and volume activity.

SuperTrend Volume [BigBeluga] is a versatile tool suitable for traders who want to combine trend analysis with volume dynamics for a more comprehensive view of the market. It is ideal for identifying trend strength, detecting reversals, and gauging the participation of market players during directional moves.

Features:

• Dynamic Trend Bands: The indicator uses the SuperTrend methodology to plot upper and lower trend bands, which adapt dynamically to price movements. Green bands indicate an uptrend, while purple bands indicate a downtrend.
• Normalized Volume Visualization: Inside the trend bands, normalized volume is displayed to highlight the intensity of market participation during trends.
• Users can choose between two visualization types: Bars and Area
• Color-Coded Trends: Trend direction is color-coded.
• Volume Labels: Each bar or area has a label showing the normalized volume value 0-4 for easier interpretation.
• Trend Change Detection: Automatically identifies trend reversals by recalculating the SuperTrend levels and adjusting volume visualization accordingly.

Example:



Usage:

• Trend Identification: Use the color-coded trend bands to confirm the current market direction and identify potential reversals.
• Volume Confirmation: Assess the strength of trends using normalized volume inside the bands. Higher normalized volume indicates stronger market conviction.
• Peak Volume can be a signal of the mean reversion of price.
• Customization: Adjust the visualization type (bars or area) based on personal preference or analysis needs.
• Dynamic Updates: Use volume labels and trend bands to stay updated on market shifts and trading opportunities in real time.

Availability:

• FREE
• Open-Source

Linkback: https://www.forex.zone/tradingview-pine-script-indicators/41/supertrend-volume-bigbeluga/4564/