ssksubam

Relative Volume

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Relative Volume label in percent. So 400% RVol means, today's volume is 4x compared to avg volume for the length you selected.
Release Notes: There was a mis-calculation on the script where if you change chart resolution, the RVol changes. But the intention of this script is, RVol should be same for the day whether you're on 1Hr chart or 3min chart or Daily chart. RVol is measured on daily basis to compare past N number of days.
Release Notes: Couple of features added:
1. When chart resolution is Daily or Intraday (D, 4H, 1H, 5min, etc), Relative Volume shows value based on DAILY.
2. When resolution is changed to Weekly or Monthly, then Relative Volume shows corresponding value. i.e. Weekly shows weekly relative volume of this week compared to past 'N' weeks. Likewise for Monthly. You would see change in label name. Like, Weekly chart shows W_RVol (Weekly Relative Volume). Likewise, Daily & Intraday shows D_RVol. Monthly shows M_RVol (Monthly Relative Volume).
3. Added a plot (by default hidden) for this specific reason: When you move the cursor to focus specific candle, then Indicator Value displays relative volume of that specific candle. This applies to Intraday as well. So if you're in 1HR chart and move the cursor to a specific candle, Indicator Value shows relative volume for that specific candlestick bar.

Hope you find this useful.
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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Comments

Hi Thanks for the script.
Is it possible to display Rvol for candle in focus i.e as we navigate through chart can it display Rvol for the candle the cursor is on like data window
+4 Reply
ssksubam prap4stocks
@prap4stocks, Just released updated version of this script. I hope this is what you're looking for. #3 on the release notes.
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prap4stocks ssksubam
@ssksubam, Will try it out and let you know
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Nice script thank your for that. But it is possible that you add the function for f.e when i move the cursor on the daily chart to the last day, that the label shows me the RVOL of that specific day ? At the moment it always shows the current day.
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ssksubam TolgaSarac61
@TolgaSarac61, Looks like you did not read the release notes. When you move the cursor to specific candle, the actual label won't change. But you will see change in indicator value which shows RVol of that specific candle.
Here is the release notes:
3. Added a plot (by default hidden) for this specific reason: When you move the cursor to focus specific candle, then Indicator Value displays relative volume of that specific candle. This applies to Intraday as well. So if you're in 1HR chart and move the cursor to a specific candle, Indicator Value shows relative volume for that specific candlestick bar.
Reply
Awesome Script. Thanks
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