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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.
오픈 소스 스크립트
트레이딩뷰의 진정한 정신에 따라, 이 스크립트의 작성자는 이를 오픈소스로 공개하여 트레이더들이 기능을 검토하고 검증할 수 있도록 했습니다. 작성자에게 찬사를 보냅니다! 이 코드는 무료로 사용할 수 있지만, 코드를 재게시하는 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
오픈 소스 스크립트
트레이딩뷰의 진정한 정신에 따라, 이 스크립트의 작성자는 이를 오픈소스로 공개하여 트레이더들이 기능을 검토하고 검증할 수 있도록 했습니다. 작성자에게 찬사를 보냅니다! 이 코드는 무료로 사용할 수 있지만, 코드를 재게시하는 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.