ZenAndTheArtOfTrading

Volume+ (RVOL/Alerts)

This indicator colors the volume bars based on any of the three follow criteria:

- Volume Amount
- RVOL (Relative Volume )
- Lookback (Highest Over Period)

You can use one, two or all three of these settings at the same time.

You can also set alerts with this indicator. The script will trigger an alert whenever any of the three specified flags are triggered.

RVOL is calculated as: Volume divided by Moving Average value. You can change the moving average period (and type) in the settings.
Release Notes: Added option to draw Volume Amount and Lookback Thresholds
Release Notes: Minor improvements
Release Notes: Updated to Pine Script version 4
Release Notes: Removed an input setting (show MA) and moved it to Style menu
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?
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