INVITE-ONLY SCRIPT

[DisDev] Market Maker - High Volume Recovery

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This indicator has many components; below, each component is explained and how it can be used as a trading tool.

The indicator analyzes past volume movements, allowing you to visualize selected volume percentages above and below candles and to visualize live recovery of High-Volume Candles.

1) The High-Volume Candles project to the current time to show how much of the High-Volume Candle has been recovered and how much remains unrecovered.

a. The indicator can be customized to a user-defined volume percentage; this allows you to focus on candles with volume over a given percentage (e.g., 500%.)

b. You can customize the candle colors and volume percentage thresholds.

2) You can select the option to display percentages above the candles, allowing you to research and back-test theories.

a. For example, the chart below shows High-Volume Candles above 500%. Throughout 2021, 92% of the 500%-plus candles have been recovered, leaving only four high volume zones yet to be recovered, one below and three above the current price.

For a further breakdown of the statistics click on the below chart image.

3) There is also the option to show the volume percentage within the unrecovered High-Volume Zone.

a. This allows you to instantly assess how strong the price movement was of that particular High-Volume Zone.

4) Lookback periods can also be adjusted to fine-tune the indicator.

Below is the indicator in full operation.

DISCLAIMER
When pressing the play button in the chart above it does not display the recovery. A TV "HOW TO" idea will be published soon, to demonstrate the indicator in full action or for more info please read "Author's instructions".

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Extension of Recovery Zones

Configuration to enable the user the option to extend the recovery zones.

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Code tweaks

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Update for Zone Percentage Label Size.

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Candle Percentage Size adjustable.

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Author Instruction Update.