When charting any given stock, it is important to unbundle different charting elements to have a good understanding of trends in the market. One of the problems that a trader can experience is that how to separate volume from chart in tradingview, combined with volume indicators, can create a very crowded chart.
These overlaps create a problem, making it hard to decode information correctly, which results in incorrect trading strategies. In the TradingView and Thinkorswim platforms, designed as moving volume indicators, the Separation of Volume from the main chart is an optimal solution for better understanding and reading the data.
On the other hand, it is easy to separate Volume from the main chart, especially if one is using platforms such as TradingView. Another feature is that it is easy to change the volume location to a new pane placed under the chart for a clearer view using an ordinary setting or script.
Whether you want to leverage the native tools of TradingView or customize the Pine Script code, several methods let you create a more refined interface that fits your trading strategy.
Are you ready to enhance your charting? In the subsequent sections, it will be possible to provide step-by-step instructions, useful suggestions, and complicated strategies on how to filter Volume from charts nicely. Learn to improve your trading analysis and make better decisions with clean and straightforward visuals!
Knowledge of the volume indicators in TradingView
Volume bars show the number of shares or contracts traded within a certain period of time, reflecting the strength of a price movement. High Volume often shows high market activity that either supports price movements or acts as a reversal signal. In TradingView, Volume appears as a bar chart at the bottom of the chart to illustrate trading activities.
What does Volume tell in Trading?
In Trading, Volume is essential to verify that the prices are genuine. For instance, if a company’s stock is gaining or declining, then one can be sure the movement has strong momentum to sustain itself.
On the other hand, if the price increases on low activity, it may be a weak signal, a reversal. Specifically, the trader will be better positioned to make good decisions because Volume affirms trends, signals points of reversal, and high-$-probability trades.
How to Separate Volume from Chart in TradingView?
- Separating Volume from the main chart in TradingView is a simple process that can be done in a few clicks:
- Pull up your chart in TradingView.
- Go down to the volume indicator shown in the chart by clicking on the volume indicator.
- Instead, right-click and go to options, where you can select ‘Move to New Pane Below’ to move the Volume to a new area below the main chart.
- Changing the pane size is also advisable since this will enhance the view.
- Establish tools and settings in a bid to work on separation.
They can be carried out by TradingView’s built-in tools, and no additional tools are required. All that is needed is to use the context menu to control where the Volume is shown.
Volumes Controls in TradingView
In TradingView, you can customize the look of your volume indicators by accessing the settings menu:
- You can easily compare the volume bars in your chart by directly tapping on them.
- Choose the settings icon, which is the gear symbol.
- You can change up and down days, bar style, and scale.
- If everything is OK, you can conclude your alterations by clicking on ‘OK,’ which will take you to the Home screen.
- Bonus Lesson: Utilizing the ‘Move to New Pane Below’ Feature
- Apply the ‘Move to New Pane Below’ tool for a more transparent and readable chart.
Methodologies of Conducting the Analysis for Separate Volume Data
Eliminating Volume from the chart makes it easy to interpret. Search for a Volume Nugget—volumes tend to be high at high prices and low at low prices.
Which to buy? The volumes during price rises confirm the uptrend. If volumes are high during price declines, then that confirms the downtrend. Be conscious of Volume as a sign of the reversal or continuation of the price levels.
Common Mistakes to Avoid
Pay attention to price action before getting caught up with the Volume. Volume must be used with other measures and analyses to make up a complete strategy that will work in the trader’s favor. Finally, add only a few volume-related variables to your chart, which only confuses you.
Adding Volume on A TradingView Chart in Pine Script
Pine Script is the programming language of Trading View, which is designed for writing scripts to build own indicators and strategies or algorithms.
For those who want to change how Volume is shown or build complex Volume-oriented signals and indicators, Pine Script is a highly effective, versatile tool.
Basic Pine Script Code for Adding and Separating Volume
A basic script to add Volume might look like this:
indicator (“Volume with Custom Settings”, overlay=false)
plot (volume, color=color.blue, style=plot.style_histogram)
This script creates a standalone volume indicator with custom settings.
How to Use Pine Script to Customize Volume Display
- Step-by-Step Pine Script Implementation
- Open TradingView and go to the Pine Script.
- Then, insert your script into the editor and proceed with the next step in the script’s performance.
- Click “Add to Chart” in real time to use the custom volume indicator.
- Change parameters within the script to set your volume display based on your requirements.
Pine Script is a robust language for backtesting and writing trading robots in the MetaTrader platform, and like any other language, it has its fair share of problems; here is how to solve the five most frequent ones:
How to Combine Chart and Volume?
The Thinkorswim platform has much better volume analysis tools and facilities than the other platform, but both platforms have very impressive charting tools.
Within Thinkorswim, all chart layouts allow one to split the Volume by going to a setting where one clicks on the chart.
How to Untangle Volume in tos?
- Log in to Thinkorswim and then open your chart.
- You can right-click on the chart and then, from the drop-down list, select, and customize.
- Add the volume indicator, and select a new lower pane in the location option.
- Use the tips above to make your text more readable and ensure that it suits the tone of your analysis.
Customizing Volume Layout in Thinkorswim
Volume icons can be modified through Thinkorswim to the extent of color change, scale alteration, and filter selection.
According to the reflection made for this article, one can use all these settings to adjust the volume indicators for trading purposes.
Strategies for Trading Volume in Thinkorswim
When examining Volume, you should consider the other indicators available in the Thinkorswim software, including the accumulation/Distribution line and the on-Balance Volume (OBV).
Sophisticated Methods of Using Volume for Trading in TradingView
Aside from simple volume histograms, few tools are available for analysis on TradingView’s platform apart from the Volume Profile, VWAP, and other implementations of volume analysis. It was discovered that all these tools assist in determining levels of support and resistance from volumes.
How best to integrate Volume to other technical indicators?
When combined with other indicators such as moving averages, MACD, or RSI, such an indicator gives a fuller picture of the market.
For instance, a bullish crossover of the moving averages accompanied by the corresponding increase in the Volume will validate the change in trend.
How to Trade Separately the Volume of Buys and Sells
To see buy and sell Volumes as separate figures, you can use specific indicators such as volume profiles or Pine Scripts created to show buy and sell volumes as different data. In this article, we go over the process of viewing the volume indicator in the TradingView chart.
Volume is also presented as a histogram positioned beneath the price chart. If it is not visible, you can add it by visiting the indicator menu and following the instructions to add the “Volume” option, which is among the program’s inbuilt ones.
What is the Most Efficient Sign for Day Trading?
In particular, day traders prefer volume measures such as VWAP and Relative Volume (RVOL) because they can smack out regions of interest and illustrate considerable price action during the trading day.
Introducing Volume with other sentiment indicators, including the FNGI, will enhance its effectiveness and remove the chances of false signals.
Conclusion
Utilizing Volume as an independent chart in trading platforms such as TradingView and Thinkorswim can be highly advantageous in improving the visual readability of charts as well as the efficacy of Trading. If volume indicators are placed in a different pane, you can identify trends, ensure price changes, and eliminate an overlapped appearance of data.
We have seen how to navigate through instructions that can help traders split Volume for both TradingView and Thinkorswim and how crucial it is to comprehend and modify volume controls; we have also briefly discussed using Pine Script to fine-tune the settings.
These tools and techniques put the power in the hands of the trader and enable them to make better decisions based on easily interpretable discrete visualizations of data. It’s always recommended to combine volume analysis with other indicators and trading strategies for others to get the best result from separating the Volume from your charts.
Make sure you synchronize volume bars frequently according to your trading requirements, and try to take advantage of the Pine Script to achieve more personalization. Inevitable mistakes should be avoided; these include overcomplicated charts or over-reliance on the Volume or the sheer size of the force.
The way people trade continues to evolve; learn new techniques, and always be aware of the updates available for a particular trading platform so that you know what you are doing; remember, a clean and structured approach is your best bet for Trading.
(FAQs)
I would like to know how to transfer Volume to a different pane in TradingView?
To relocate Volume to a new pane in TradingView, just right–click the volume bar depicted on the chart, then move the cursor to “Move to New Pane Below,” the volume pane can be resized according to preference for enhanced visibility.
Can I change the style of charts from the TradingView in my interface?
Yes, you can change the appearance of the volume bar in TradingView. Right-click on the volume icon and choose the ‘properties’ option. Then, you can manipulate color, style, and scale.
Where are the ‘buy’ and ‘sell’ volume options in TradingView?
To isolate buy and sell Volume, you can utilize particular tools such as the Volume Profile or other Pine Scripts created to distinguish buying and selling pressure on the price chart.
Is it feasible to trade Volume independently from the chart in the Thinkorswim platform?
Indeed, in thinkorswim, you can split Volume from the chart by adjusting the visible sections. Another way I tried is by right-clicking the chart, selecting to launch the ‘Customize’ button, and adding the volume indicator with options to place it inside a new lower pane.
What is the usefulness of separating Volume from the main chart?
When placed to the side of the main chart, the volume indicator is easier on the eyes, unambiguously demonstrates the market trend, reaffirms price volatility, eliminates the mess, and reveals hidden trading opportunities.
What errors should be avoided while implementing separated volume data analysis?
Some of the pitfalls include concentrating raw Volume with no reference to price tiers, complicated charting by a number of volume-related indicators, and, on the contrary, the complete lack of volume data complementing other technical charts and signals.
