What it does

Volume Spike Marker helps traders see when participation jumps above its recent baseline. It is most useful when you want to separate real activity expansion from routine bar-to-bar noise during breakouts, reversals, or squeezes.

Who this is for

This page is a good fit for traders who want a readable Volume Spike Marker workflow without having to reverse-engineer the setup from forum posts or screenshots.

Key terms for this tool

Review the core trading and platform terms tied to this page before changing settings or using the study in a live workspace.

Order FlowDeltaImbalanceLiquidityVolume Bar

What it is not

Volume Spike Marker is a chart-context tool. It does not place trades, manage risk automatically, or promise that a specific pattern will resolve in one direction. Use it to organize decisions, not to outsource them.

Chart examples

This chart capture shows the study on a real NinjaTrader workspace. Use it as visual reference, then confirm behavior on your own instrument, session, and timeframe.

Volume Spike Marker displayed on a chart so unusually active bars stand out against recent participation.

Volume bursts highlighted live

A chart capture showing Volume Spike Marker calling out bars that expand above recent average participation.

Best fit

  • Spotting participation bursts around breakouts.
  • Separating active moves from low-volume drift.
  • Reviewing which bars attracted unusual volume.

Before using it live

  • Import the NinjaTrader 8 ZIP through NinjaTrader's normal import flow.
  • Use it on charts with reliable volume data.
  • Tune the spike multiple separately for each market and timeframe.
  • Review how the tool behaves on your actual session template, chart type, and instrument.

Settings to review

Lookback

Controls the bars used for average volume.

Spike multiple

Sets how far above average volume a bar must be to mark.

Mark spike bars

Optionally colors price bars when a spike appears.

Installation notes

  1. Import the NinjaTrader 8 ZIP through NinjaTrader's normal import flow.
  2. Use it on charts with reliable volume data.
  3. Tune the spike multiple separately for each market and timeframe.

Downloads

FreeIndicators Volume Spike Marker for NinjaTrader 8 NinjaTrader 8
Download

Source code

These source examples are provided for copy/paste workflows on other charting platforms. Review and test any script in a simulator before using it on a live chart.

TradeStation EasyLanguage MultiCharts PowerLanguage MetaTrader 4 MetaTrader 5 TradingView Pine Script
TradeStation EasyLanguage / MultiCharts PowerLanguage VolumeSpikeMarker.eld.txt 
{
  Volume Spike Marker
  FreeIndicators.com source example.
  Works as a starting point for TradeStation EasyLanguage and MultiCharts PowerLanguage.
}

Inputs: Lookback(20), SpikeMultiple(2);
Vars: AvgVolume(0), Ratio(0);

AvgVolume = Average(Volume, Lookback);
If AvgVolume > 0 Then Ratio = Volume / AvgVolume Else Ratio = 0;

Plot1(Ratio, "VolRatio");
If Ratio >= SpikeMultiple Then Plot2(Ratio, "Spike");
MetaTrader 4 MQL4 VolumeSpikeMarker.mq4 
// Volume Spike Marker
// FreeIndicators.com source example for MetaTrader 4.
#property indicator_chart_window
#property indicator_buffers 3
#property indicator_color1 DodgerBlue
#property indicator_color2 Crimson
#property indicator_color3 SeaGreen

double Buffer1[];
double Buffer2[];
double Buffer3[];

int init() {
   SetIndexBuffer(0, Buffer1);
   SetIndexBuffer(1, Buffer2);
   SetIndexBuffer(2, Buffer3);
   return(0);
}

int start() {
   int counted = IndicatorCounted();
   int limit = Bars - counted - 1;
   int lookback = 20;
   double spikeMultiple = 2.0;
   for(int i = limit; i >= 0; i--) {
      double total = 0;
      for(int j = 1; j <= lookback; j++) total += Volume[i + j];
      double avg = MathMax(1.0, total / lookback);
      Buffer1[i] = Volume[i] / avg;
      Buffer2[i] = Buffer1[i] >= spikeMultiple ? Buffer1[i] : EMPTY_VALUE;
   }
   return(0);
}
MetaTrader 5 MQL5 VolumeSpikeMarker.mq5 
// Volume Spike Marker
// FreeIndicators.com source example for MetaTrader 5.
#property indicator_chart_window
#property indicator_buffers 3
#property indicator_plots 3

double Buffer1[];
double Buffer2[];
double Buffer3[];

int OnInit() {
   SetIndexBuffer(0, Buffer1, INDICATOR_DATA);
   SetIndexBuffer(1, Buffer2, INDICATOR_DATA);
   SetIndexBuffer(2, Buffer3, INDICATOR_DATA);
   return(INIT_SUCCEEDED);
}

int OnCalculate(const int rates_total,
                const int prev_calculated,
                const datetime &time[],
                const double &open[],
                const double &high[],
                const double &low[],
                const double &close[],
                const long &tick_volume[],
                const long &volume[],
                const int &spread[]) {
   int start = prev_calculated > 1 ? prev_calculated - 1 : 1;
   int lookback = 20;
   double spikeMultiple = 2.0;
   for(int i = start; i < rates_total; i++) {
      double total = 0;
      for(int j = 1; j <= lookback && i - j >= 0; j++) total += tick_volume[i - j];
      double avg = MathMax(1.0, total / lookback);
      Buffer1[i] = tick_volume[i] / avg;
      Buffer2[i] = Buffer1[i] >= spikeMultiple ? Buffer1[i] : EMPTY_VALUE;
   }
   return(rates_total);
}
TradingView Pine Script v5 VolumeSpikeMarker.pine 
//@version=5
indicator("Volume Spike Marker", overlay=true)

lookback = input.int(20, "Lookback", minval=2)
spikeMultiple = input.float(2.0, "Spike multiple", minval=1)
avgVolume = ta.sma(volume, lookback)
ratio = avgVolume > 0 ? volume / avgVolume : 0
plot(ratio, "Volume ratio", color=color.blue)
plotshape(ratio >= spikeMultiple, "Spike", shape.circle, location.top, color=color.orange)

After the download

Keep the next step tied to this exact tool

Install it cleanly, subscribe for future updates if this workflow matters, or move straight into a structured request if the tool needs another platform or a custom version.

Limitations

  • A volume spike does not determine direction by itself.
  • Volume data quality varies by market and feed.
  • News bars can produce extreme readings.

Frequently asked questions

Does it repaint?

This indicator is designed as a chart reference tool, not as a hindsight-only backfitted signal. Even so, you should still test it bar by bar on your chart type to confirm how it behaves on the active bar.

Which platforms are covered?

NinjaTrader 8, TradeStation EasyLanguage, MultiCharts PowerLanguage, MetaTrader 4, MetaTrader 5, TradingView Pine Script are currently represented through downloads or source pages.

Is source code included?

Yes. This page includes source examples or links to platform-specific source pages where applicable.