We can choose a version of BetterVolume indicator (vN version and vW version):

BetterVolume_vN colors volume bars and price candles (optionally) according to 5 criteria:

• ClimaxBar means high volume and big price change (red).
  ClimaxBar is drawn if the value of the product of volume and candle range is the highest of the last 20 bars (this number can be changed). It signals the beginning of an uptrend or the end of an uptrend or a correction of a downtrend if it appears on a rising candle. If it appears on a falling candle, it signals the beginning of a downtrend or the end of a downtrend or a correction of an uptrend.
• ChurnBar means high volume and small price change (green).
  ChurnBar is drawn when the value of the quotient of volume and candle range is the highest of the last 20 bars (this number can be changed). It signals the end of a trend or a place where it is worth to close the position (the trend is unclear).
• ClimaxChurnBar is drawn if the conditions of ClimaxBar and ChurnBar are satisfied (magenta).
• LowChurnBar means low volume and big price change (blue).
  LowChurnBar is drawn when the quotient of volume and candle range is the lowest of the last 20 bars (this number can be changed). It signals speculative changes (false changes). That means the trend will probably change its direction.
• LowBar means low volume (yellow).
  LowBar is drawn when the volume is the lowest of the last 20 bars (this number can be changed). It signals the end of a trend or a trend correction.
• If none of the above conditions are met, the bars are gray. Additionally, an exponential moving average of the last 20 volume bars is drawn (the number of bars can be changed).

BetterVolume_vW colors volume bars and price candles (optionally) according to 5 criteria:

• ClimaxBarUp means high volume and big price change on a rising candle (red).
  ClimaxBarUp is drawn when the product of volume and rising candle range is the highest of the last 20 bars (this number can be changed). It signals the beginning of an uptrend or the end of an uptrend or a correction of a downtrend.
• ClimaxBarDown means high volume and big price change on a falling candle (blue).
  ClimaxBarDown is drawn when the product of volume and falling candle range is the highest of the last 20 bars (this number can be changed). It signals the beginning of a downtrend or the end of a downtrend or a correction of an uptrend.
• ChurnBar means high volume and small price change (green).
  ChurnBar is drawn when the quotient of volume and candle range is the highest of the last 20 bars (this number can be changed). It signals the end of a trend or a place where it is worth to close the position (the trend is unclear).
• ClimaxChurnBar is drawn if the conditions of ClimaxBar and ChurnBar are satisfied (magenta).
• LowBar means low volume (yellow).
  LowBar is drawn when volume is the lowest of the last 20 bars (this number can be changed). It signals the end of a trend or a trend correction.
• If none of the above conditions are met, the bars are gray. Additionally, an exponential moving average of the last 20 volume bars is drawn (the number of bars can be changed).

Installation:

Downloaded file, the easiest way is to upload to the directory … / My Documents / JForex / Indicators.

Then on the JForex platform add into selected chart your custom indicator  by selecting it in the dialog.

Configuration:

• lookback: number of previous bars that are taken into account when calculating the highest and the lowest values (default is 20).
• paintBars: value of 1 means that the candles are colored, value of 0 means, that they are not.
• useTrueRange: value of 1 means that the previous candle close is used for calculating the candle range, value of 0 means that the previous candle close is not used for calculating the candle range.
• version: value of 1 means that we choosed vW indicator version, value of 0 means that we choosed vN indicator version.
• ability to choose volume bar colors.
• Indicator is composed of the two files. One draws a histogram at the bottom of the graph, the other colors the candles.