- 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.
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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.
To draw a cross when the volume alert is triggered, add this line to the end of the script:
plotshape(alert, style=shape.xcross, color=black)
And to make the script detect 500 Contracts worth of volume, open the script's settings menu and change the Volume To Trigger Signal value to '500'.
If you want to make your own companion script that draws the cross onto the actual candlestick chart, you'll need to create your own script and change the script's overlay setting to true. Hope that helps, let me know if you have any questions :)
For example, this code will do exactly what you want:
study(title = "Volume+", overlay=true)
alertVol = input(title="Volume to Trigger Signal", type=integer, defval=500)
plotshape(volume > alertVol, style=shape.xcross, color=black)
I can't thank you enough for your answer ...
I am only a beginner with Pine but people like you, make possible to continue developing and improving in trading.
You have given me another way to write the code even better and simpler than I had thought.
You have honored your name ... ZEN (simple) and ART
Really Thank you.....!!!
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.