Changed the line to a Histogram with easier to see Get Ready Bars.
This indicator is one of my favourite for its sheer simplicity, enjoy it!
Changes are done to the script to improve missed Volume Breakouts due to Standard Error of the Sample size, I decided to have it relatively aggressive to increase the number of breakouts for overall less volatile instruments that most FX Traders would enjoy such as EURUSD
Note~ The aggressiveness here is not considered a faulty approach, just statistically riskier relatively while this indicator is also not built to be used Solely without due diligence.
If you make money with this Replacement of the Volume, SMASH that LIKE button to help boost the Free Indicators Morale!
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So we run a count of Breakouts to adapt for Significant Activity,
if there were Less than 25 Breakouts, we would have 90% 1.645
if there were Less than 50 Breakouts, we would have 95% 1.96
if there were Less than 75 Breakouts, we would have 99% 2.576
Else Pi is what I use as my THEORETICAL 100% Confidence Level.
if you don't like it TROLL this indicator, else a simple thank you is just a good motivation.
I decided to trim away the outliers in the sampled data should they become in excess of 95% or lower than 5% to avoid skewed data and get a normal distribution (less probability in the tails)
This hopefully would now work better on Stocks due to the nature of trading on equities.
To allow a selective variety for the amount of data to trim from the volume ... this is generally valid for stocks that relatively drops dead on volume during the day ... this allows you to put a trim on the top and lower ~ 90 95 99 and the virtual 100% at 99.999999
play up the options and let me know if this indicator helped you in any way in the comments below..