OPEN-SOURCE SCRIPT
Updated Relative Volume (RV)
Relative Volume take the volume at a given time of day and compares it to the average volume at that time of day. You can either use the current volume or the cumulative volume in this analysis. You have the option to either see the average and the current volume or a comparative view where you see the percent difference between now and the average.
My implementation of relative volume uses a key-value pair to simplify the process of getting the average volume for the time of day. This reduces the lines of code needed and makes it easier to understand. I have added the normal features you would find in a relative volume indicator with the addition of an average above/below average section for comparing the significance of above/below average moves are. I hope this script is not only useful but educational.
Enjoy
My implementation of relative volume uses a key-value pair to simplify the process of getting the average volume for the time of day. This reduces the lines of code needed and makes it easier to understand. I have added the normal features you would find in a relative volume indicator with the addition of an average above/below average section for comparing the significance of above/below average moves are. I hope this script is not only useful but educational.
Enjoy
Release Notes
Added seconds chart compatibility. Fixed a hidden bug where it wasnt adding the right times.Release Notes
lol forgot to allow cumulative on seconds.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.
For quick access on a chart, add this script to your favorites — 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.
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.
For quick access on a chart, add this script to your favorites — 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.