OPEN-SOURCE SCRIPT
Simple RVOL + Normalized OBV + Volume MA
Simple RVOL + Normalized OBV + Volume MA is a lower-pane volume analysis indicator designed to help traders evaluate relative volume expansion and directional volume pressure in one clean display.
The indicator combines several volume tools:
- Relative Volume histogram
- Normalized On Balance Volume line
- OBV moving average
- Volume moving average line
- RVOL reference level
The purpose is to make it easier to see when volume is unusually high compared with recent average volume, while also showing whether volume pressure is leaning bullish or bearish.
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How It Works
The RVOL histogram measures current volume relative to average volume.
A reading around 1.0 means current volume is near normal.
A reading above 1.0 means current volume is above average.
A reading below 1.0 means current volume is below average.
Histogram bars are colored using OBV direction instead of candle color:
- Green means OBV is rising, suggesting bullish volume pressure
- Red means OBV is falling, suggesting bearish volume pressure
- Gray means OBV is unchanged
The indicator also plots a normalized OBV line and an OBV average line. Since raw OBV values can be very large, OBV is scaled so it can be viewed clearly in the same pane as RVOL.
A volume moving average line is included to show whether recent volume is generally expanding or contracting.
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RVOL Modes
The script includes two RVOL calculation modes.
Simple RVOL
Simple RVOL calculates current volume divided by a moving average of volume.
This mode is clean, simple, and works well on both daily and intraday charts.
Time-of-Day Approximation
This mode is intended for intraday charts, such as 5-minute charts.
To keep the script lightweight and easy to understand, it uses a simplified rolling-volume approximation rather than a true same-time-of-day comparison.
It does not compare the current 5-minute candle directly against the exact same 5-minute time slot from prior sessions.
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Inputs
The indicator includes editable settings for:
- RVOL mode
- Simple RVOL average length
- Time-of-day approximation lookback
- Volume moving average length
- Show or hide volume moving average
- OBV smoothing length
- Show or hide OBV line
- Show or hide OBV average line
- Bullish, bearish, and neutral histogram colors
- RVOL reference level
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Best Used For
This indicator can be useful for:
- Identifying unusually high or low volume
- Spotting volume expansion during breakouts or reversals
- Comparing current volume to recent average volume
- Evaluating whether volume pressure is bullish or bearish
- Adding context to intraday and daily trade setups
---
Notes and Limitations
The time-of-day RVOL mode is a simplified approximation. A true same-time-of-day RVOL model requires more complex session tracking and historical time-slot calculations.
This indicator is intended as a lightweight visual tool for volume context and should not be used as a standalone buy or sell signal.
The indicator combines several volume tools:
- Relative Volume histogram
- Normalized On Balance Volume line
- OBV moving average
- Volume moving average line
- RVOL reference level
The purpose is to make it easier to see when volume is unusually high compared with recent average volume, while also showing whether volume pressure is leaning bullish or bearish.
---
How It Works
The RVOL histogram measures current volume relative to average volume.
A reading around 1.0 means current volume is near normal.
A reading above 1.0 means current volume is above average.
A reading below 1.0 means current volume is below average.
Histogram bars are colored using OBV direction instead of candle color:
- Green means OBV is rising, suggesting bullish volume pressure
- Red means OBV is falling, suggesting bearish volume pressure
- Gray means OBV is unchanged
The indicator also plots a normalized OBV line and an OBV average line. Since raw OBV values can be very large, OBV is scaled so it can be viewed clearly in the same pane as RVOL.
A volume moving average line is included to show whether recent volume is generally expanding or contracting.
---
RVOL Modes
The script includes two RVOL calculation modes.
Simple RVOL
Simple RVOL calculates current volume divided by a moving average of volume.
This mode is clean, simple, and works well on both daily and intraday charts.
Time-of-Day Approximation
This mode is intended for intraday charts, such as 5-minute charts.
To keep the script lightweight and easy to understand, it uses a simplified rolling-volume approximation rather than a true same-time-of-day comparison.
It does not compare the current 5-minute candle directly against the exact same 5-minute time slot from prior sessions.
---
Inputs
The indicator includes editable settings for:
- RVOL mode
- Simple RVOL average length
- Time-of-day approximation lookback
- Volume moving average length
- Show or hide volume moving average
- OBV smoothing length
- Show or hide OBV line
- Show or hide OBV average line
- Bullish, bearish, and neutral histogram colors
- RVOL reference level
---
Best Used For
This indicator can be useful for:
- Identifying unusually high or low volume
- Spotting volume expansion during breakouts or reversals
- Comparing current volume to recent average volume
- Evaluating whether volume pressure is bullish or bearish
- Adding context to intraday and daily trade setups
---
Notes and Limitations
The time-of-day RVOL mode is a simplified approximation. A true same-time-of-day RVOL model requires more complex session tracking and historical time-slot calculations.
This indicator is intended as a lightweight visual tool for volume context and should not be used as a standalone buy or sell signal.
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.
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.
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.