Relative Volume

Volume can be a very useful tool if used correctly. Relative volume is designed to filter out the noise and highlight anomalies assisting traders in tracking institutional movements. This tool can be used to identify stop loss hunters and organized dumps. It uses a variety of moving averages to hide usual activity and features an LSMA line to show trend. Trend columns are shown to highlight activity and can be seen at bottom of the volume columns, this is done using ZLSMA and LSMA .
The above chart shows an example of 2 indicators being used on the 15 min chart. The bottom indicator is set to the 1 min chart. Traders can see a large dump on the 1 min chart as institutions wipe out any tight stop losses. Next they buy back in scooping up all those long positions.
This is an example layout using a split screen setup and multiple timeframes ranging from 1 min to 30 mins. This gives a clear indication of trends and make it easy to pickup on institutional behaviour. Tip: Double clicking indicator background will maximize RVOL to the split screen window.
Release Notes: Added signals and alerts
-Signal for entry point
-Alert for when volume crosses defined amount.
-Alert for entry point

Entry point signals pick up great on the 1 second to 1 min charts.
Release Notes: Fixed entry signal and added price line
Release Notes: Added current bar volume. Can be turned off in settings.
Release Notes: Fixed problem with current bar volume number
Release Notes: Fixed rounding issue.
Release Notes: Ticker ID can now be turned on in settings for split screen setups.
Release Notes: The best volume indicator just got better!
It seems a lot of traders love the entry points... So I've made more entry points.
Entry points are LSMA breakouts, originally this was based on LSMA with a length of 50 (Now the LSMA is configurable in settings).
This indicator now picks up LSMA 21 and LSMA 6 breakouts too! What this means is that you will find more entry points on longer time frames.
For those that trade on 5min and less charts you might want to turn these off as they are not as strong signals as the LSMA 50.
Ive also added a traditional RVOL calculation that can be turned on in settings. This divides current volume over average volume. Amount of bars used to calculate average is set at 30 but can be changed in settings.

I should mention I now have a RVOL entry point screener indicator that scans 13 different stocks of your choice for entry points and gives you alerts. You can get it here:

Join me for free on Bybit with my referral link and we both get $20 (plus you get lots of extra bonuses in reward hub).
Happy Trading!
Release Notes: Added option to display average volume. Previously this indicator just filtered out the noise. Now it also highlights anomalies. This extra plot gives traders many different options to present the data. Here are some examples:
By changing the style options for the volume columns traders can switch between column, histogram or step line. Removing the blue moving averages can clean the indicator or even remove everything but the anomalies. Adjusting transparency can also help hide the volume columns to give a more traditional look as seen in the 3rd example on top indicator. These anomaly columns are big movements in volume and tend to dictate the short term trend of price action.
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.

Want to use this script on a chart?


How do you use this, any tutorial on how to understand it?
+3 Reply
veryfid SYKZ01R
@SYKZ01R, Hi, there are plenty of tutorials on the youtubes. Personally I use it to track institutional movements. Good luck!
+1 Reply
SYKZ01R veryfid
@veryfid, FosHo i checked now but did not find any viable material maybe you can DM me something? <3
+1 Reply
SYKZ01R veryfid
@veryfid, Thanks for your time. <3
veryfid SYKZ01R
@SYKZ01R, Hi sorry Ive been really busy lately and didn't get a chance to get back to you. Relative volume is all about finding anomalies. For example if everyday there is a volume of $1 million and then one day there is $70 million it usually reflects in price action. Traders can use this to jump in with the pump or dump.

If you see big red candles sticking out like this do not enter a long. When I see huge red volume candles I will enter a short with the institutions. Then when I see them buying back in at bottom I enter a long with them.

This indicator can be used on the 1 second chart for tracking whale activity such as dumps and stop loss hunting. For institutions to enter a long they must first go short to create the positions. This indicator does not display a rvol number but instead filters out all normal activity so you can see when things happen out of the ordinary. The first 2 google results explain rvol quite well: and
Here are the first 3 google results for stop loss hunting: and and

Let me know if you need more info. Cheers.
BullLover SYKZ01R
@SYKZ01R, I also have the same question. The author wasn't helpful at all :(
veryfid BullLover
@BullLover, Hi please check the comment above, hope this helps.
Very helpful..can you make it more useful buy plotting buy and sell arrow...thank 3
+1 Reply
veryfid vinikumar72
@vinikumar72, Hi there is an entry point signal already. It is a yellow dot on top of indicator. It triggers more often on shorter timeframes like under 1 minute, it gives an entry on other timeframes but not so often. The signal does not know if it will go up or down, it only signals something is about to happen. Good luck.
+1 Reply
Superb. Nice.thanks
+1 Reply