OPEN-SOURCE SCRIPT
Volume + RVOL
Volume & RVOL is a clean, beginner-friendly volume toolkit designed to highlight when participation is actually above normal. It plots classic volume bars and calculates Relative Volume (RVOL) as the current volume divided by an average over a configurable lookback, making it easy to spot “real activity” versus noise. The script detects volume spikes using either simple RVOL thresholds (multi-tier intensity) or an optional Z-Score mode for statistical spikes, with an optional session filter and an option to split signals by candle direction. Spike markers are displayed in a lightweight, stable way that works even on lower timeframes, and the indicator includes ready-to-use alerts for RVOL tiers, bullish/bearish spikes, and Z-Score spikes so you can automate notifications and stay on top of high-activity moments.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.