This indicator plots replacement candles colored using delta volume information calculated with intrabar inspection. It can also help visualize delta volume by appending top and bottom segments to candles and plotting their averages.
TradingView has good built-in Volume Profile tools to view volume information in price layers, but there is no powerful tool on the platform to visualize bar-by-bar buy/sell volume . This is what Delta Volume Candles
attempts to realize. It uses the same intrabar inspection technique my Delta Volume Columns
indicator uses but presents the information on the chart. Intrabar inspection means the indicator looks at lower timeframe bars making up a given chart bar to gather a finer level of detail on its constituent volume , dividing it into buy/sell/neutral categories by looking at price movement during intrabars.
The indicator plots three components on the chart:
1 — Candles
2 — Candle tops/bottoms
3 — A moving average of tops and bottoms