Technical Studies Reference
Volume Distribution Paint Bar Study
The Volume Distribution Paint Bar study colors existing price bars according to the volume distribution The Open, High, Low, Last values of the price bars remain the same.
The coloring is based on the Volume at Price distribution. The volume distribution over price is represented as a percentage range from 0-100 from the low price to the high price that was traded at for a bar.
Using the Volume at Price data for each bar, the mean, mode, and top/bottom N% bands from this volume data are colored to show how the volume is distributed across price.
There are many color settings supported with this study. To set the colors, select the Subgraphs tab on the Study Settings window for this study. Select the particular Subgraph that you want to change the color of and press the colored button to change the color.
Other than the Close Subgraph each of the Subgraphs which controls a color, has a second Subgraph below it to color a range. This second Subgraph has a color of white and that particular color is not used. For example Top % High and Top % Low form a Draw Style pair. However, only Top % High is used to control the color for the Top Volume Percentage.
- Minimum Range In Ticks: This Input is used to make sure the Mean and Mode section highlights of the bar are visible, and to specify the height in ticks of the Mean and Mode sections of the bar. Specify this as an integer value representing the number of price Ticks.
- Bottom Volume Percentage: This Input specifies the percentage of the volume to display in the lower tail of the distribution. The valid values are 0-100, and a value of 1.0 represents 1%. So a value of 15 would color the bottom portion of the bar that represents where the 15% of the volume traded by price.
- Top Volume Percentage: This Input specifies the percentage of the volume to display in the upper tail of the distribution. The valid values are 0-100. The high percentage is represented as 100 minus the percentage. For example, a value of 85 represents the Top 15% of the volume (100 - 85 = 15). Another way of thinking about the value is where on the 0 to 100 distribution should the coloring start.
*Last modified Friday, 21st April, 2017.