The script is intended for volume analysis It shows if the volume is low, average, high or ultra-high. Can be applied to any timeframe and any asset.
There're two calculation methods user can choose from: 1. Ranges - it allows to set a lookback period and moving average type to calculate averages 2. Deviations. In this case only one setting is applied - lookback period. Average type is not involved in this calculation method
Play around to figure out which one is better for you
Colors are: Red - low volume Green - avg volume Yellow - high volume Blue - ultra high volume