Volume at Price

Owned by Brendan Hebert (Unlicensed)
Apr 24, 2024
2 min read

Volume at Closing Price is a representation of the total volume traded at different price levels. The study is just a different way of evaluating support and resistance and/or determining pullbacks or breakthroughs using volume. 

The indicator sums up all the volume made at different price levels and presents these as a horizontal line on the chart on par with the prices at which they were traded. Barchart looks at the price change for the underlying price, and if the price change was positive Barchart represents that as a green bar, similarly if the price change was negative Barchart represents that as a red bar. Barchart them sums up all the volume made for that price point and presents these as a horizontal bar. The distinction between green and red allows you to see whether there was positive or negative momentum at that price. Longer bars represent more volume being traded at that price, than shorter bars.

Volume at Closing Price can highlight existing support and resistance points. Long volume bars traditionally represent support or resistance points, with a lot of buyers or sellers willing to trade at that price, long volume bars under the price are considered support points and similarly long volume bars above the price are considered resistance points, with a price break in either direction seen as a momentum signal.

Volume at Closing Price must always be applied to the Main Chart pane (where the symbol resides).

Parameters:

  • Bars (24) - The total number of volume bars to display horizontally on the chart. You can compress or expand the price range by selecting a larger/smaller number of bars.

  • Volume (Up/Down) - Volume allows the user to break out volume by price based on price change, which will populate different colors for positive and negative price change, or Total which display all volume traded using a single color.

  • BarColoring (LikeMain) - By default Barchart sets the calculation of price change based on the underlying chart type. So if your chart is a OHLC Barchart then price change will be calculated based on close to close. Users can also select to calculate price change based on open to close for each bar, or close to close.

  • Position (Left) - Position allows users to display volume at price on the left or right side of the chart.

  • WidthPercent (40) - The width of the bars as a percentage of the width of the entire chart panel.

  • DownVol; UpVol; TotVol (Column) - there are 4 color chips available, that control the coloring of down, up and total volume. The last color chip colors the horizontal line that denotes the most volume.

    Note: The show/hide toggle on this study is irrelevant: the study will always show once applied to the chart.