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This study displays Share or Contract Volume. If symbol does not report real-time volume, then this study, when used on an Intraday chart, will show the number of trades per bar. We denote the Volume at Index \(t\) as \(V_t\).

Volume bars are color coded based upon whether the corresponding price bar is up or down. The determination of whether a chart price bar is considered up or down is by comparison of the Open and Close prices within that same chart bar. There is no comparison to the prior chart price bar at a given chart column.

If the Close is above the Open, then the price bar is considered an up bar and the corresponding coloring is made on the Volume bar. If the Close is below the Open, then the price bar is considered a down bar and the corresponding coloring is made on the Volume bar. If the Close and Open have the same price, then the volume bar is colored based upon the prior volume bar coloring.

To choose the up and down colors, click on the Subgraphs tab in the Study Settings window and set the Primary and Secondary colors for the first Subgraph. The Primary color is the up color and the Secondary color is the down color.

To view horizontal volume bars which display volume at each price level within a chart for a certain period of time, use the Volume by Price study.

To view the Volume graph as horizontal volume bars, change the Subgraph >> Draw Style for the study to Horizontal Profile.