Relative Volume Index v0.1 beta — Indicator by TAtrader

Hello guys,

New volume indicator incoming: now in Beta.
Many thanks in advance to Soru in for testing!

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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Want to use this script on a chart?

study(title="Relative Volume Index v0.1 beta")
Price = volume * hlc3
Price_pos = (close >= open) ? Price : na
Price_neg = (close < open) ? Price : na
//iff(Price >= 0, MFI_pos = Price, MFI_neg = Price)
MFI_positive = nz(MFI_positive[1]) + nz(Price_pos)
MFI_negative = nz(MFI_negative[1]) + nz(Price_neg)
Mrat = MFI_positive / MFI_negative
growth_Mrat = (Mrat - Mrat[1]) / Mrat[1]
plot(abs(growth_Mrat) * 100, color = (Mrat > Mrat[1] ? (growth_Mrat > growth_Mrat[1] ? green : orange) : na), style=columns, linewidth=2)