OPEN-SOURCE SCRIPT
Normalized Relative Volume Filter
Analyzing raw volume bars can make it difficult to see if the current volume is truly significant. Every asset has a different baseline, and volume fluctuates constantly.
The Normalized Relative Volume Filter (NRVF) standardizes raw volume into a percentage relative to its moving average. This allows you to instantly gauge market interest and institutional presence regardless of the asset or timeframe.
This indicator sets a baseline using a Volume SMA (Default 20 period) which represents 100 percent. If the histogram hits 200, the current volume is exactly double the recent average. Significant moves are driven by above average volume. To keep your charts clean, this script automatically filters out and hides all below average volume under 100 percent. It only highlights the bars that actually matter.
The histogram matches the price action with green for bullish candles and red for bearish candles so you can instantly see who is driving the volume spike.
When price breaks key levels, look for the histogram to surge well above the 100 percent baseline. Breakouts on below average volume are often fakeouts. You can also use it to confirm if an ongoing trend is backed by institutional participation, such as spikes reaching 150 percent or 200 percent or more.
You can adjust the lookback period for the baseline volume average using the Volume MA Length setting which defaults to 20.
The Normalized Relative Volume Filter (NRVF) standardizes raw volume into a percentage relative to its moving average. This allows you to instantly gauge market interest and institutional presence regardless of the asset or timeframe.
This indicator sets a baseline using a Volume SMA (Default 20 period) which represents 100 percent. If the histogram hits 200, the current volume is exactly double the recent average. Significant moves are driven by above average volume. To keep your charts clean, this script automatically filters out and hides all below average volume under 100 percent. It only highlights the bars that actually matter.
The histogram matches the price action with green for bullish candles and red for bearish candles so you can instantly see who is driving the volume spike.
When price breaks key levels, look for the histogram to surge well above the 100 percent baseline. Breakouts on below average volume are often fakeouts. You can also use it to confirm if an ongoing trend is backed by institutional participation, such as spikes reaching 150 percent or 200 percent or more.
You can adjust the lookback period for the baseline volume average using the Volume MA Length setting which defaults to 20.
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