OPEN-SOURCE SCRIPT
Relative Volume Indicator
A simple indicator showing the relation of volume to highest volume for a define number of bars. Helps to differentiate periods of low and high volume.
- Define the number of bars to find the highest volume used as a basis.
- Apply a simple moving average to smoothen the volume. Set it to 1 to disable smoothing.
- Define a threshold differentiating low and high volume.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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