OPEN-SOURCE SCRIPT
Daily Relative Volume+
Daily Relative Volume+
This indicator is designed to show how active the current session is relative to recent history and whether volume is developing at an unusually strong or weak pace.
It is intended specifically for the 1D chart and focuses on regular-session volume.
Relative Volume
RVOL provides a straightforward view of how current session volume compares with recent completed sessions.
The current developing session is kept separate from the historical reference so the comparison remains anchored to completed trading days.
RVOL Pace
RVOL Pace adds time-of-day context to traditional daily RVOL.
Instead of treating an unfinished trading session as directly comparable with completed days, it evaluates how current activity is progressing relative to the stock's own historical intraday volume behavior.
The live RVOL Pace calculation begins once one minute of regular-session data is available.
This is intended to make live daily RVOL more useful earlier in the session, when a simple comparison with completed daily volume can otherwise be misleading.
After the session is complete, RVOL Pace converges with realized RVOL.
Average Volume and Dollar Volume
The indicator also includes:
The Average Volume MA can be shown or hidden independently.
Volume Coloring
When Color Bars Based On Previous Close is enabled, price direction is based on the current close versus the previous close.
When disabled, direction is based on the current close versus the current bar's open.
Live-session coloring incorporates RVOL Pace, while completed sessions reflect realized RVOL.
Dashboard
The configurable table can display:
Usage and Limitations
Methodology
Traditional daily RVOL is useful, but it can be difficult to interpret while the trading day is still developing.
Daily RVOL+ improves on this by adding a time-aware view of current volume progression, giving more context to whether today's activity is merely high so far or is developing into an unusually active session.
This indicator is designed to show how active the current session is relative to recent history and whether volume is developing at an unusually strong or weak pace.
It is intended specifically for the 1D chart and focuses on regular-session volume.
Relative Volume
RVOL provides a straightforward view of how current session volume compares with recent completed sessions.
The current developing session is kept separate from the historical reference so the comparison remains anchored to completed trading days.
RVOL Pace
RVOL Pace adds time-of-day context to traditional daily RVOL.
Instead of treating an unfinished trading session as directly comparable with completed days, it evaluates how current activity is progressing relative to the stock's own historical intraday volume behavior.
The live RVOL Pace calculation begins once one minute of regular-session data is available.
This is intended to make live daily RVOL more useful earlier in the session, when a simple comparison with completed daily volume can otherwise be misleading.
After the session is complete, RVOL Pace converges with realized RVOL.
Average Volume and Dollar Volume
The indicator also includes:
- A conventional daily Average Volume MA.
- Average Dollar Volume for a broader view of typical trading liquidity.
- These use a separate Average Volume Length setting.
The Average Volume MA can be shown or hidden independently.
Volume Coloring
When Color Bars Based On Previous Close is enabled, price direction is based on the current close versus the previous close.
When disabled, direction is based on the current close versus the current bar's open.
Live-session coloring incorporates RVOL Pace, while completed sessions reflect realized RVOL.
Dashboard
The configurable table can display:
- RVOL
- RVOL Pace
- Average Volume
- Average Dollar Volume
Usage and Limitations
- Designed only for the 1D timeframe.
- RVOL-related calculations focus on regular-session activity.
- RVOL Pace is a historical volume-based estimate, not a prediction of price direction.
- News, catalysts, and unusually event-driven sessions can cause final volume to differ substantially from the pace reading.
Methodology
Traditional daily RVOL is useful, but it can be difficult to interpret while the trading day is still developing.
Daily RVOL+ improves on this by adding a time-aware view of current volume progression, giving more context to whether today's activity is merely high so far or is developing into an unusually active session.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.