PROTECTED SOURCE SCRIPT
Updated RVOL Candle Colors [KRT]
RVOL Candle Colors [KRT] - Description
Overview:
This indicator paints the candlesticks based on Relative Volume (RVOL) thresholds. The colors help you easily identify different volume conditions in the market.
Features:
1. Length Input: Set the length of the period to calculate the average volume.
2. Multiplier Input: Adjust the RVOL multiplier for more customized volume analysis.
3. Threshold Levels: Three thresholds to differentiate volume conditions:
- Threshold 1: RVOL < 1.0
- Threshold 2: RVOL < 2.0
- Threshold 3: RVOL < 3.0
Candle Colors:
- Green: RVOL is below 1.0
- Yellow: RVOL is between 1.0 and 2.0
- Orange: RVOL is between 2.0 and 3.0
- Red: RVOL is above 3.0
Usage:
- The indicator colors the candles based on the relative volume compared to the average volume over the specified period.
- Helps you quickly see changes in trading volume and identify potential trading opportunities.
Inputs:
- Length: Number of periods to calculate the average volume.
- Multiplier: Adjust the RVOL multiplier for finer control over volume conditions.
How to Use:
1. Add the "RVOL Candle Colors [KRT]" indicator to your chart.
2. Adjust the "Length" and "Multiplier" inputs to your preference.
3. Observe the candle colors to identify different volume conditions:
- Green for low volume
- Yellow for moderate volume
- Orange for high volume
- Red for very high volume
This indicator helps traders quickly spot changes in market volume, which can be an early indicator of potential price movements.
Overview:
This indicator paints the candlesticks based on Relative Volume (RVOL) thresholds. The colors help you easily identify different volume conditions in the market.
Features:
1. Length Input: Set the length of the period to calculate the average volume.
2. Multiplier Input: Adjust the RVOL multiplier for more customized volume analysis.
3. Threshold Levels: Three thresholds to differentiate volume conditions:
- Threshold 1: RVOL < 1.0
- Threshold 2: RVOL < 2.0
- Threshold 3: RVOL < 3.0
Candle Colors:
- Green: RVOL is below 1.0
- Yellow: RVOL is between 1.0 and 2.0
- Orange: RVOL is between 2.0 and 3.0
- Red: RVOL is above 3.0
Usage:
- The indicator colors the candles based on the relative volume compared to the average volume over the specified period.
- Helps you quickly see changes in trading volume and identify potential trading opportunities.
Inputs:
- Length: Number of periods to calculate the average volume.
- Multiplier: Adjust the RVOL multiplier for finer control over volume conditions.
How to Use:
1. Add the "RVOL Candle Colors [KRT]" indicator to your chart.
2. Adjust the "Length" and "Multiplier" inputs to your preference.
3. Observe the candle colors to identify different volume conditions:
- Green for low volume
- Yellow for moderate volume
- Orange for high volume
- Red for very high volume
This indicator helps traders quickly spot changes in market volume, which can be an early indicator of potential price movements.
Release Notes
Adjusted the internal RVOL thresholds to capture 2025 market environment!Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.