Euphoria & Capitulation

This indicator highlights potential capitulation and euphoria moments in the market using a combination of volume spikes and recent price extremes.

It looks for unusually high volume compared to recent history (using a Z-score approach).

If high volume occurs when price is near the lowest level of a recent window, it marks a capitulation signal (possible panic selling).

If high volume occurs when price is near the highest level of a recent window, it marks a euphoria signal (possible excessive buying).