OPEN-SOURCE SCRIPT
Updated Pre-Market Breadth & RVOL Oscillator
Pre-Market Breadth & RVOL Oscillator
This indicator answers two questions traders ask before the New York cash open at 9:30 ET: is real volume showing up, and is the tape actually broad-based, or is this just noise?
What it shows
RVOL (Relative Volume) — plots today's cumulative volume against the average cumulative volume at the same minute-of-day over the last N sessions (default 10, adjustable). A reading of 1.0 means volume is tracking normal. Above the "Elevated" line (default 1.5x) signals unusually strong participation; above "Heavy" (default 2.0x) signals a session that's meaningfully outpacing its recent average — the kind of volume that tends to accompany moves with follow-through rather than fade.
NYSE TICK — the number of NYSE-listed stocks trading on an uptick minus those on a downtick, recalculated essentially every trade. It's a real-time gauge of order-flow pressure; sharp spikes toward the extremes often mark short-term buying or selling exhaustion.
NYSE ADD (Advance/Decline) — the count of advancing stocks minus declining stocks, running cumulative through the session. Unlike TICK, this measures breadth: whether a move is being carried by the broad market or just a handful of large-cap names.
Used together, these three answer different pieces of the same question — RVOL tells you if volume is real, TICK tells you the moment-to-moment pressure, and ADD tells you how many stocks are actually participating.
Settings
Fully adjustable RVOL lookback window and threshold levels, with color/width customization
TICK and ADD symbols, source (open/high/low/close), display toggles, and colors — all configurable
Exchange timezone dropdown (defaults to America/New_York) so the minute-of-day calculation aligns correctly with your target session
Optional pre-market session highlight with adjustable start/end time and color
How to use it
Best viewed on a 1-minute chart in the pre-market or early session window. Look for RVOL breaking above 1.5x alongside TICK/ADD moving in a consistent direction — that combination suggests a session with real conviction behind it, as opposed to a low-volume drift that's more likely to reverse once the cash session brings in full liquidity.
This indicator answers two questions traders ask before the New York cash open at 9:30 ET: is real volume showing up, and is the tape actually broad-based, or is this just noise?
What it shows
RVOL (Relative Volume) — plots today's cumulative volume against the average cumulative volume at the same minute-of-day over the last N sessions (default 10, adjustable). A reading of 1.0 means volume is tracking normal. Above the "Elevated" line (default 1.5x) signals unusually strong participation; above "Heavy" (default 2.0x) signals a session that's meaningfully outpacing its recent average — the kind of volume that tends to accompany moves with follow-through rather than fade.
NYSE TICK — the number of NYSE-listed stocks trading on an uptick minus those on a downtick, recalculated essentially every trade. It's a real-time gauge of order-flow pressure; sharp spikes toward the extremes often mark short-term buying or selling exhaustion.
NYSE ADD (Advance/Decline) — the count of advancing stocks minus declining stocks, running cumulative through the session. Unlike TICK, this measures breadth: whether a move is being carried by the broad market or just a handful of large-cap names.
Used together, these three answer different pieces of the same question — RVOL tells you if volume is real, TICK tells you the moment-to-moment pressure, and ADD tells you how many stocks are actually participating.
Settings
Fully adjustable RVOL lookback window and threshold levels, with color/width customization
TICK and ADD symbols, source (open/high/low/close), display toggles, and colors — all configurable
Exchange timezone dropdown (defaults to America/New_York) so the minute-of-day calculation aligns correctly with your target session
Optional pre-market session highlight with adjustable start/end time and color
How to use it
Best viewed on a 1-minute chart in the pre-market or early session window. Look for RVOL breaking above 1.5x alongside TICK/ADD moving in a consistent direction — that combination suggests a session with real conviction behind it, as opposed to a low-volume drift that's more likely to reverse once the cash session brings in full liquidity.
Release Notes
Source LogicRelease Notes
Beyond the primary volume readout, this indicator also tracks Relative Volume for three macro-correlated instruments using the same methodology — today's cumulative volume compared against the N-day average at the same minute-of-day:DXY Futures — flags unusual participation in the dollar, which frequently drives or confirms equity index moves
US 10-Year Yield — included for correlation tracking; note that as a cash/spot index this typically carries no real volume data, so this line may run flat. For a genuine volume-based rates signal, swap the symbol input to ZN1! (10-Year Note futures)
ZB1! (30-Year Bond Futures) — real futures volume, tracks conviction in the long end of the curve
Each instrument's symbol, visibility, and color are fully configurable in the "Additional Instrument RVOL" settings group, and all share the indicator's lookback window setting. Used alongside the primary RVOL and breadth readings, this lets you see whether a pre-market move in equities is being confirmed — or contradicted — by activity in the dollar and bond markets, a common tell for whether a move has real macro conviction behind it or is likely to fade once the cash session opens.
Release Notes
Source LogicOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.