OPEN-SOURCE SCRIPT
Relative Volume
DESCRIPTION
Relative Volume (RVOL) is an intraday volume analysis indicator designed to show how the current bar's volume compares with the typical volume recorded during the same time of day over a selected number of previous trading days.
Instead of comparing volume with a simple moving average, this indicator maintains a separate volume history for each intraday time slot. This helps account for the natural changes in trading volume throughout the trading session.
The indicator calculates:
RVOL = Current Volume ÷ Average Volume for the Same Time Slot
An RVOL value of 1.0 means the current volume is approximately equal to its historical average for that time of day.
Values above 1.0 indicate higher-than-usual participation, while values below 1.0 indicate lower-than-usual activity.
USER INPUTS :
1️⃣ CALCULATION
Lookback (Trading Days)
Defines how many previous trading days are used to calculate the average volume for each intraday time slot.
Default: 30 Trading Days
Range: 1–250 Trading Days
Plot Mode
Choose how the volume information is displayed:
• Volume — Displays actual volume columns along with the historical time-slot average.
• RVOL Ratio — Displays the Relative Volume ratio, where 1.0 represents the historical average.
2️⃣ RVOL TIERS
🩶 Dead Below
Defines the RVOL level below which volume is considered extremely low or "dead."
Default: 0.5
🟠 High Above
Defines the RVOL level at which volume is considered significantly higher than its historical average.
Default: 1.5
🔴 Extreme Above
Defines the RVOL level at which volume is considered extremely high compared with its historical average.
Default: 2.5
3️⃣ DISPLAY
Color Mode
• Tiers — Uses predefined volume categories.
• Gradient — Uses a continuous color gradient based on the RVOL value.
Palette
• Neon
• Muted
• Native
• Custom
The Custom option allows users to define their own cool, hot, neutral, and baseline colors.
4️⃣ EFFECTS
Glow on Extreme Columns
Adds a visual glow around extreme-volume columns to make major volume spikes easier to identify.
Color Price Bars
Optionally colors significant high-volume candles directly on the price chart.
It is designed as a volume analysis and confirmation tool that can be used alongside a trading strategy. Traders can use changes in RVOL to identify periods of increasing or decreasing market participation and combine this information with their own entry and exit methodology.
WHY IT IS UNIQUE:
The main advantage of this indicator is that it does not simply compare current volume with a generic volume moving average.
Instead, it compares the current bar with the historical average volume of the same time-of-day slot.
For example, if the current candle is at 10:30 AM, its volume is compared with the historical 10:30 AM volume from the selected number of previous trading days.
This approach helps account for the natural intraday volume profile, where some parts of the trading session normally have much higher volume than others.
The indicator also provides multiple RVOL tiers:
🩶 DEAD — Very low participation
🔵 BELOW AVG — Below historical average
🟢 ABOVE AVG — Above historical average
🟠 HIGH — Strong volume activity
🔴 EXTREME — Exceptional volume activity
Extreme volume can also receive a visual glow, making unusual volume spikes immediately visible on the chart.
The indicator also excludes the current candle from the historical average calculation, helping prevent the current volume from influencing the benchmark against which it is being compared.
HOW USER CAN BENEFIT FROM IT :
This indicator can help traders quickly identify when market participation is significantly different from normal.
Possible uses include:
• Identifying unusual volume spikes.
• Confirming breakouts with increased market participation.
• Identifying periods of unusually low activity.
• Detecting when market participation starts increasing.
• Using RVOL as a confirmation tool alongside price-action strategies.
• Identifying potentially important candles during intraday trading.
• Filtering trades when volume is significantly below normal.
• Comparing current volume with a more relevant time-of-day benchmark.
• Using the RVOL Ratio mode to quickly understand whether current volume is normal, below average, high, or extreme.
The indicator is intended to complement a trading methodology rather than act as a standalone buy or sell signal.
Users should combine RVOL with price action, market structure, volatility, and their own risk-management rules when making trading decisions.
ALERTS :
The indicator provides three alert conditions:
RVOL ≥ 1.0
Triggers when relative volume crosses above its time-of-day average.
RVOL ≥ High
Triggers when RVOL crosses above the user-defined High threshold.
RVOL ≥ Extreme
Triggers when RVOL crosses above the user-defined Extreme threshold.
DISCLAIMER :
This indicator is an analytical tool and does not guarantee profitable trading results.
High relative volume does not necessarily mean that price will move in a particular direction. Volume should be interpreted together with price action and market conditions.
This script is provided for educational and informational purposes only and should not be considered investment, financial, or trading advice.
Relative Volume (RVOL) is an intraday volume analysis indicator designed to show how the current bar's volume compares with the typical volume recorded during the same time of day over a selected number of previous trading days.
Instead of comparing volume with a simple moving average, this indicator maintains a separate volume history for each intraday time slot. This helps account for the natural changes in trading volume throughout the trading session.
The indicator calculates:
RVOL = Current Volume ÷ Average Volume for the Same Time Slot
An RVOL value of 1.0 means the current volume is approximately equal to its historical average for that time of day.
Values above 1.0 indicate higher-than-usual participation, while values below 1.0 indicate lower-than-usual activity.
USER INPUTS :
1️⃣ CALCULATION
Lookback (Trading Days)
Defines how many previous trading days are used to calculate the average volume for each intraday time slot.
Default: 30 Trading Days
Range: 1–250 Trading Days
Plot Mode
Choose how the volume information is displayed:
• Volume — Displays actual volume columns along with the historical time-slot average.
• RVOL Ratio — Displays the Relative Volume ratio, where 1.0 represents the historical average.
2️⃣ RVOL TIERS
🩶 Dead Below
Defines the RVOL level below which volume is considered extremely low or "dead."
Default: 0.5
🟠 High Above
Defines the RVOL level at which volume is considered significantly higher than its historical average.
Default: 1.5
🔴 Extreme Above
Defines the RVOL level at which volume is considered extremely high compared with its historical average.
Default: 2.5
3️⃣ DISPLAY
Color Mode
• Tiers — Uses predefined volume categories.
• Gradient — Uses a continuous color gradient based on the RVOL value.
Palette
• Neon
• Muted
• Native
• Custom
The Custom option allows users to define their own cool, hot, neutral, and baseline colors.
4️⃣ EFFECTS
Glow on Extreme Columns
Adds a visual glow around extreme-volume columns to make major volume spikes easier to identify.
Color Price Bars
Optionally colors significant high-volume candles directly on the price chart.
It is designed as a volume analysis and confirmation tool that can be used alongside a trading strategy. Traders can use changes in RVOL to identify periods of increasing or decreasing market participation and combine this information with their own entry and exit methodology.
WHY IT IS UNIQUE:
The main advantage of this indicator is that it does not simply compare current volume with a generic volume moving average.
Instead, it compares the current bar with the historical average volume of the same time-of-day slot.
For example, if the current candle is at 10:30 AM, its volume is compared with the historical 10:30 AM volume from the selected number of previous trading days.
This approach helps account for the natural intraday volume profile, where some parts of the trading session normally have much higher volume than others.
The indicator also provides multiple RVOL tiers:
🩶 DEAD — Very low participation
🔵 BELOW AVG — Below historical average
🟢 ABOVE AVG — Above historical average
🟠 HIGH — Strong volume activity
🔴 EXTREME — Exceptional volume activity
Extreme volume can also receive a visual glow, making unusual volume spikes immediately visible on the chart.
The indicator also excludes the current candle from the historical average calculation, helping prevent the current volume from influencing the benchmark against which it is being compared.
HOW USER CAN BENEFIT FROM IT :
This indicator can help traders quickly identify when market participation is significantly different from normal.
Possible uses include:
• Identifying unusual volume spikes.
• Confirming breakouts with increased market participation.
• Identifying periods of unusually low activity.
• Detecting when market participation starts increasing.
• Using RVOL as a confirmation tool alongside price-action strategies.
• Identifying potentially important candles during intraday trading.
• Filtering trades when volume is significantly below normal.
• Comparing current volume with a more relevant time-of-day benchmark.
• Using the RVOL Ratio mode to quickly understand whether current volume is normal, below average, high, or extreme.
The indicator is intended to complement a trading methodology rather than act as a standalone buy or sell signal.
Users should combine RVOL with price action, market structure, volatility, and their own risk-management rules when making trading decisions.
ALERTS :
The indicator provides three alert conditions:
RVOL ≥ 1.0
Triggers when relative volume crosses above its time-of-day average.
RVOL ≥ High
Triggers when RVOL crosses above the user-defined High threshold.
RVOL ≥ Extreme
Triggers when RVOL crosses above the user-defined Extreme threshold.
DISCLAIMER :
This indicator is an analytical tool and does not guarantee profitable trading results.
High relative volume does not necessarily mean that price will move in a particular direction. Volume should be interpreted together with price action and market conditions.
This script is provided for educational and informational purposes only and should not be considered investment, financial, or trading advice.
Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
Shivam mandai
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
Shivam mandai
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.