Volume+ (RVOL/Alerts) — Indicator by ZenAndTheArtOfTrading

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volatility volumestudies volume rvol relative alert lookback color

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?

If you want to master Pine Script coding, watch my free YouTube lessons or get the source code to my scripts then check out my Pine Script Mastery Course website: https://www.pinescriptmastery.com

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Comments

hi there, quick question, does the rvol portion of this indicator work on a time of day average? Im looking for a simple rvol indicator that calculates based on specified average for time of day. Eg average volume for last x periods on 5 min chart at 9:35am is 100'000, today at 9:35 volume is at 200'000, so rvol is 2x. Hope you cane help!

tb12345

@tb12345, also thank you for putting this togetjer!

tb12345

@tb12345, You're welcome, thanks for the comment & I'm glad you like it!

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?

ZenAndTheArtOfTrading

@ZenAndTheArtOfTrading, Hi there, thanks for getting back to me! That makes sense, but unfortunately not what i was looking for. What i was trying to acheive was rather than the look back period for the MA to be 288 candles worth on the 5 min, which would really give me the average of the last days worth of 5 min candles, im looking for the RVOL MA parameter to be say 20 days worth of the 5 min chart afor that particular bar say the 9:30-9:35 bar. E.g. lets say todays volume between 9:30 and 9:35 is X. Im looking for the RVOL to not just look back at the immediate preceding 5 mins candles specified in the MA parameter and compare it to that average volume, Im hoping to get it to look back at the 9:30-9:35 bar from the day before, and the day before that and the day before that and so on, so the volume comparison becomes time relevant. This helps get a better read on spikes in volume at the open and close relative to how those same opening and closing bars performed in the last X (MA) days. I think i did a terrible job of explaining but hope that makes sense! Thank you again for putting this out there for the community. A good example is here in case you can help:
https://sites.google.com/a/trade29.com/t29docs/sierra-chart-studies/average-volume-at-time-of-day

tb12345

@tb12345, Ahhh I see what you mean now, that's a great idea! I am not sure if it's possible to code an indicator like that in PineScript but I will give it a go. I would also love to have an indicator like that.

Thanks for the suggestion, I'll let you know if I have any luck creating it.

ZenAndTheArtOfTrading

@ZenAndTheArtOfTrading, no worries, thanks for getting back to me, really appreciate it, Would be a great edition for the community if you could, as ive spent some time looking and dont see anyone here who has it. Good luck!

thank you kind sir for this, very good code

Comment removed.

ZenAndTheArtOfTrading

@ZenAndTheArtOfTrading, cool..bookmarked it , tx for * bro , keep up the good work :)

Hello, thank you very much for the script, It have been helpful in what I was looking for, but your code is hard for me to understand, because I have a very basic level of Pine Script...

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.