Volume Oscillator{Jebri}

The Volume Oscillator is a dynamic tool designed to measure volume momentum by comparing short- and long-term volume EMAs. This helps traders identify when unusual volume spikes occur — often a precursor to strong price movement, breakout, or exhaustion.

🔍 What It Does

This indicator calculates a percentage-based oscillator using:
• 📏 Short EMA of volume (default: 5 bars)
• 📏 Long EMA of volume (default: 10 bars)

🚨 Spike Detection

A key feature is the spike threshold, visually marked at 100%, with dynamic color changes:
• 🔴 Above 100% = Extreme volume spike (possible news, breakout, trap)
• 🟠 Above 70% = High volume alert
• 🔵 Below 70% = Normal behavior

A red background highlights extremely high readings for fast detection.

📊 Use Cases
• Scalping / Intraday: Confirm explosive entries when volume surges
• Breakout Trading: Spot fakeouts or real momentum behind price
• Divergence: Detect weakening or strengthening participation vs price

🛡️ Notes
• Volume data must be available; otherwise, the script will throw an error.
• Works best on high-liquidity assets like BTC, ETH, SPX, etc.
• Designed for clarity, speed, and momentum recognition.

🎨 Visuals
• 📈 Line plot with dynamic coloring
• 📉 Zero line and spike zone for fast threshold analysis
• 🟥 Optional red background when spike zone is exceeded (can be disabled)


📌 Recommended Pairing

For enhanced decision-making, combine with:
• Market Structure indicators
• Momentum oscillators
• Orderflow/Volume profile tools


🔧 Script Info
• ✅ Built in Pine Script v6
• 👤 Created by: nasijr
• 🔓 License: Mozilla Public License 2.0