Bull vs Bear Volume (Enhanced)

Bull vs Bear Volume (Enhanced) is a custom volume histogram that separates and visualizes estimated buying vs. selling volume within each candle. This allows traders to better understand market sentiment and detect imbalances in demand and supply.

🔍 What It Does:

Plots bullish volume (green) above the x-axis and bearish volume (red) below.

Estimates bull/bear volume by analyzing the close location within the candle's range.

Highlights volume spikes with lime (bullish) or maroon (bearish) when volume exceeds a user-defined threshold.

Includes an optional total volume line for added context.

Supports smoothing via simple moving average (SMA) to reduce noise.

🛠️ Inputs:

Toggle smoothing and set its length.

Enable/disable threshold spike highlighting.

Show/hide the total volume overlay.

Adjust the threshold multiplier for spike detection.

⚠️ Important:

This script uses a proxy method based on candle structure to estimate volume split — it does not use real-time order flow or trade direction data.

Works best on liquid assets with consistent volume.