PROTECTED SOURCE SCRIPT
Updated Relative Volume (RVOL)
Relative Volume (RVOL) Indicator
Description:
The Relative Volume (RVOL) indicator provides a powerful tool for traders to identify periods of unusual trading activity by comparing the current volume to its historical average. This helps traders to spot significant moves in the market, enhancing decision-making for entry and exit points.
Features:
How to Use:
This indicator helps you to understand market dynamics by visualizing the intensity of trading activity, providing a clearer picture of potential market movements.
Description:
The Relative Volume (RVOL) indicator provides a powerful tool for traders to identify periods of unusual trading activity by comparing the current volume to its historical average. This helps traders to spot significant moves in the market, enhancing decision-making for entry and exit points.
Features:
- []Length Input: Adjust the period for calculating the average volume. Default is 20.
[]Multiplier: Set a multiplier to adjust the RVOL threshold. Default is 1.0.
[]Relative Volume Calculation: RVOL is calculated as the ratio of the current volume to the average volume over the specified period.
[]Threshold Highlighting: A horizontal line at 1.5 times the multiplier is plotted to highlight when the RVOL exceeds this threshold, indicating significantly higher trading activity.
How to Use:
- []Identify High Activity Periods: When the RVOL histogram bars exceed the red threshold line, it indicates periods of higher-than-average volume, which can signal strong market moves.
[]Confirm Breakouts: Use RVOL to confirm breakouts in price. A breakout with high RVOL is more likely to be significant. - Combine with Other Indicators: Use RVOL in conjunction with price action and other technical indicators to validate trading signals and enhance your strategy.
This indicator helps you to understand market dynamics by visualizing the intensity of trading activity, providing a clearer picture of potential market movements.
Release Notes
Change display settings slightlyRelease Notes
- Removed the short title to simplify the indicator display.
- Added three fixed thresholds at 1.0, 2.0, and 3.0.
- Candles are color-coded based on their relative volume:
Green for values under 1.0
Yellow for values between 1.0 and 2.0
Orange for values between 2.0 and 3.0
Red (#ff0014) for values above 3.0
- Thresholds are plotted as thin dotted lines for clear visual separation.
- Removed the 9 EMA plot to focus on the relative volume and thresholds.
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.