- RVOL (Relative )
- 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: divided by Moving Average value. You can change the moving average period (and type) in the settings.
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.
The purple line RVOL for this indicator is calculated using a moving average for the past X periods, and then multiplying that value by whatever RVOL threshold you set.
So if you set the Moving Average period to 288 on the 5-minute chart, and then set the 'RVOL to Trigger Signal' threshold to 2, then it would compare the current volume candle to the moving average of the past 288 candle's worth (1440 minutes/24hrs) of price action. And if the current candle's volume is twice as large as the average volume for the past 288 candles of price action, it would trigger an alert/color the bar.
Is that what you were hoping for?
Thanks for the suggestion, I'll let you know if I have any luck creating it.
Could you help me with a quick question...?
How could I create a signal if the amount of the volume exceeds 500 contracts and it generate a mark as a cross on my graphic...
Thanks in advance for your guidance.