Colored Volume Bars

Colored Volume Bars (Price & Volume)

Colored Volume Bars is a volume analysis indicator that highlights market strength by comparing current price and volume to a configurable lookback period.

Each volume bar is color-coded to reflect the relationship between price movement and volume change:

• Green — price and volume increased (strong bullish confirmation)
• Blue — price increased but volume decreased (weak bullish move)
• Orange — price and volume decreased (weak bearish move)
• Red — price decreased with rising volume (strong selling pressure)

This approach helps traders quickly identify momentum shifts, confirm breakouts, filter low-quality signals, and evaluate the strength behind market moves. The indicator is best used as an entry confirmation tool in trend-following or swing trading strategies.

An optional Volume Moving Average (MA) can be enabled in the settings to smooth volume data and provide additional context for volume spikes and anomalies.

Inspired by the original concept by LazyBear.