OPEN-SOURCE SCRIPT
Intraday Relative Volume+
Intraday Relative Volume+
This indicator is intended to measure whether an individual intraday volume bar is unusually active for its specific time of day.
It is designed as the intraday companion to Daily Relative Volume+.
Same-Time Relative Volume
Rather than comparing every intraday bar with a generic rolling volume baseline, the indicator evaluates each bar against historical activity from the same point in the trading session.
This helps account for the fact that normal volume can differ significantly between the open, midday, and the close.
The current session is kept separate from its historical benchmark, and available historical observations are used when full history is not present.
Why Time-of-Day Context Matters
Intraday volume naturally follows a strong time-of-day pattern.
A generic rolling comparison can therefore make normal opening activity look unusually high or normal midday activity look unusually low.
Intraday RVOL+ is designed to reduce that distortion by comparing each bar with more relevant historical context.
The methodology also preserves time alignment across irregular sessions, including missing bars, trading halts, and shortened trading days.
Developing Bars
A live bar is evaluated using the volume it has accumulated at that point in time, so its relative-volume classification can change as the bar develops.
Average Volume MA
The indicator also includes a conventional rolling Average Volume MA.
This is independent of the same-time RVOL methodology and provides a familiar view of recent chart-volume activity.
The MA can be shown or hidden, and its current value can be displayed on the volume scale.
Volume Coloring
When Color Bars Based On Previous Close is enabled, 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.
Volume-bar classification is driven by the relative-volume methodology, not by the conventional Average Volume MA.
Sessions
The indicator follows the chart's displayed session data.
Usage and Limitations
Methodology
Traditional intraday RVOL can be distorted when it compares volume from very different parts of the trading session.
Intraday RVOL+ improves on this by adding time-of-day context, making the relative-volume signal more appropriate for intraday analysis while retaining a conventional Volume MA as a separate reference.
This indicator is intended to measure whether an individual intraday volume bar is unusually active for its specific time of day.
It is designed as the intraday companion to Daily Relative Volume+.
Same-Time Relative Volume
Rather than comparing every intraday bar with a generic rolling volume baseline, the indicator evaluates each bar against historical activity from the same point in the trading session.
This helps account for the fact that normal volume can differ significantly between the open, midday, and the close.
The current session is kept separate from its historical benchmark, and available historical observations are used when full history is not present.
Why Time-of-Day Context Matters
Intraday volume naturally follows a strong time-of-day pattern.
A generic rolling comparison can therefore make normal opening activity look unusually high or normal midday activity look unusually low.
Intraday RVOL+ is designed to reduce that distortion by comparing each bar with more relevant historical context.
The methodology also preserves time alignment across irregular sessions, including missing bars, trading halts, and shortened trading days.
Developing Bars
A live bar is evaluated using the volume it has accumulated at that point in time, so its relative-volume classification can change as the bar develops.
Average Volume MA
The indicator also includes a conventional rolling Average Volume MA.
This is independent of the same-time RVOL methodology and provides a familiar view of recent chart-volume activity.
The MA can be shown or hidden, and its current value can be displayed on the volume scale.
Volume Coloring
When Color Bars Based On Previous Close is enabled, 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.
Volume-bar classification is driven by the relative-volume methodology, not by the conventional Average Volume MA.
Sessions
The indicator follows the chart's displayed session data.
- On a regular-hours chart, regular-session bars are analyzed.
- With Extended Hours enabled, available premarket and postmarket bars can also participate.
Usage and Limitations
- Designed for minute-based intraday charts.
- Second-based and tick charts are not supported.
- Requires a standard time-based chart.
- Synthetic chart types such as Heikin Ashi, Renko, Line Break, Kagi, and Point & Figure are not supported.
- Relative Volume Length is limited to 68 sessions.
- The conventional Average Volume MA is not subject to that RVOL lookback limit.
Methodology
Traditional intraday RVOL can be distorted when it compares volume from very different parts of the trading session.
Intraday RVOL+ improves on this by adding time-of-day context, making the relative-volume signal more appropriate for intraday analysis while retaining a conventional Volume MA as a separate reference.
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.