RVOL Follow-Through [ITA]
🟠 OVERVIEW
RVOL Follow-Through marks every day that traded at least twice its normal volume and then follows it for a week. Each spike is scored on whether price kept going in the direction the spike day moved, and the result is set directly beside the same question asked of an ordinary day.
Every volume tool marks the heavy day and implies that volume means the move is real. Very few check, and almost none compare the result to what any day would have done anyway, which is the only comparison that says whether volume told you anything.
🟠 CONCEPTS
* Relative Volume - The day's volume divided by the average of the days before it. The spike day is never part of its own average, because including it shrinks every ratio.
* Spike - A day at or above the threshold, two times by default.
* Kept Going - An up day whose close five sessions later is higher than its own close, or a down day whose close five sessions later is lower.
* Any Day - The same question asked of every day on the chart, spike or not. This is the number a spike has to beat.
* Held The Range - Price never closed back through the far side of the spike day during the window. An up day that closes below its own low has been fully given back.
🟠 HOW IT WORKS
Each spike gets a box: the day's high and low, carried forward for the follow window. Spikes on consecutive days are each followed on their own, so a second spike does not cut the first one short.
When the window ends the spike is scored and the count moves. A spike that kept going keeps its full colour. One that did not stays on the chart, faded and dotted, because removing the misses would leave only the hits visible.
A spike whose window has not finished yet is left out of the rates, not counted as a miss and not as a hit. Every row says how many spikes it is built on.
The up-day rate turns green only when it beats the any-day rate, and red when it does not. The down-day rate is compared with the share of ordinary days that fell.
🟠 SETTINGS
* Days In The Volume Average - Twenty by default, about one trading month.
* Spike Threshold - Two times the average by default. Lower it to see more spikes and a weaker definition of one.
* Sessions To Follow It - Five is one trading week.
* Most Recent Spikes To Draw - Applies to the drawings only. Every spike is counted whatever this is set to.
* Label The Ratio - Off by default. Shows the multiple on each spike day.
🟠 NOTES
This needs a daily chart or higher, and says so on anything shorter. Intraday volume follows the clock: the first bar of every session is heavy against the bars before it, and the count would fill up with opening bells.
It also needs a symbol with volume. On most forex pairs and many indices there is none, and it says that instead of printing empty rows.
The numbers belong to the stock on screen. On some names heavy volume really does lead, and on others a heavy down day is where the selling ends. Counting it per symbol is the point.
RVOL Follow-Through marks every day that traded at least twice its normal volume and then follows it for a week. Each spike is scored on whether price kept going in the direction the spike day moved, and the result is set directly beside the same question asked of an ordinary day.
Every volume tool marks the heavy day and implies that volume means the move is real. Very few check, and almost none compare the result to what any day would have done anyway, which is the only comparison that says whether volume told you anything.
🟠 CONCEPTS
* Relative Volume - The day's volume divided by the average of the days before it. The spike day is never part of its own average, because including it shrinks every ratio.
* Spike - A day at or above the threshold, two times by default.
* Kept Going - An up day whose close five sessions later is higher than its own close, or a down day whose close five sessions later is lower.
* Any Day - The same question asked of every day on the chart, spike or not. This is the number a spike has to beat.
* Held The Range - Price never closed back through the far side of the spike day during the window. An up day that closes below its own low has been fully given back.
🟠 HOW IT WORKS
Each spike gets a box: the day's high and low, carried forward for the follow window. Spikes on consecutive days are each followed on their own, so a second spike does not cut the first one short.
When the window ends the spike is scored and the count moves. A spike that kept going keeps its full colour. One that did not stays on the chart, faded and dotted, because removing the misses would leave only the hits visible.
A spike whose window has not finished yet is left out of the rates, not counted as a miss and not as a hit. Every row says how many spikes it is built on.
The up-day rate turns green only when it beats the any-day rate, and red when it does not. The down-day rate is compared with the share of ordinary days that fell.
🟠 SETTINGS
* Days In The Volume Average - Twenty by default, about one trading month.
* Spike Threshold - Two times the average by default. Lower it to see more spikes and a weaker definition of one.
* Sessions To Follow It - Five is one trading week.
* Most Recent Spikes To Draw - Applies to the drawings only. Every spike is counted whatever this is set to.
* Label The Ratio - Off by default. Shows the multiple on each spike day.
🟠 NOTES
This needs a daily chart or higher, and says so on anything shorter. Intraday volume follows the clock: the first bar of every session is heavy against the bars before it, and the count would fill up with opening bells.
It also needs a symbol with volume. On most forex pairs and many indices there is none, and it says that instead of printing empty rows.
The numbers belong to the stock on screen. On some names heavy volume really does lead, and on others a heavy down day is where the selling ends. Counting it per symbol is the point.
Pine Script developer & trader. I build clean indicators - Smart Money Concepts, scanners, risk tools. ITAtradingtools.com
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.
Pine Script developer & trader. I build clean indicators - Smart Money Concepts, scanners, risk tools. ITAtradingtools.com
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.