Here's a volume indicator that states it can reveal the sentiment of the market by coloring its volume bars. Better Volume Indicator
which was originally developed by Barry Taylor at EminiWatch
. Here is the color code legend:
Yellow - Low volume for the size of the bar - Amateurs at work
White - Climax down
Blue -Climax up
Red - Churn - Pros buying at lows or unloading at highs
Magenta - Climax Churn - Pros taking profits at highs or lows
Gray - Normal (default) Bar
See the attached code and documentation. Also here are some YouTube videos on using it.
For those of you who prefer a different approach, I've modified the code to use the same criteria to color the price bars and not use the volume histogram. See my attached code.