OPEN-SOURCE SCRIPT
4C Volume w/ Relative Volume at Time
Updated
This is a Volume indicator that also shows Relative Volume at Time (RVOL).
The RVOL is easily visible as a background color, that changes between Low and High RVOL colors.
The RVOL portion of the indicator is a modified version of the 'Relative Volume At Time' indicator by Tradingview (which has been the best/most accurate RVOL indicator i have seen yet on Tradingview, and seems to closely match the how the "Zanger Volume" indicator works).
Elevated RVOL can be a very important criteria for trading , especially on lower time frames.
This indicator can be used as a simple filter when looking at charts to determine whether it should be traded or not, based on the RVOL.
Higher volume/participation relative to previous time periods can lead to better follow through of moves and price action, and can lead to trending conditions.
Lower RVOL can lead to choppy market conditions, with lower participation and follow through on chart patterns.
The RVOL portion of the indicator draws from the Tradingview 'Relative Volume At Time' indicator developed by authors @e2e4mfck and LucF , for TradingView.
This indicator takes the Past Volume mark and changes it into a background color.
High RVOL = When the day's cumulative volume is greater than the Past Volume levels, then the background is painted Blue by default
Low RVOL = When the day's cumulative volume is lower than the Past Volume levels, then the background is painted Purple by default
See annotated examples in the chart Below, which compares/contrasts this new indicator with the RVOL indicator by Tradingview:
Portions of the 'Relative Volume At Time' indictor code have been removed to clean up the script.
Plans in the future are to remove more code were possible, to further refine the script and speed up the processing times for the indicator.
If anyone is able to strip out more and keep it functioning the same, please let me know.
Enjoy.
Credit also goes to author LazyBear . Portions of the Volume indicator is adapted from - HawkEye Volume Indicator [LazyBear]
The RVOL is easily visible as a background color, that changes between Low and High RVOL colors.
The RVOL portion of the indicator is a modified version of the 'Relative Volume At Time' indicator by Tradingview (which has been the best/most accurate RVOL indicator i have seen yet on Tradingview, and seems to closely match the how the "Zanger Volume" indicator works).
Elevated RVOL can be a very important criteria for trading , especially on lower time frames.
This indicator can be used as a simple filter when looking at charts to determine whether it should be traded or not, based on the RVOL.
Higher volume/participation relative to previous time periods can lead to better follow through of moves and price action, and can lead to trending conditions.
Lower RVOL can lead to choppy market conditions, with lower participation and follow through on chart patterns.
The RVOL portion of the indicator draws from the Tradingview 'Relative Volume At Time' indicator developed by authors @e2e4mfck and LucF , for TradingView.
This indicator takes the Past Volume mark and changes it into a background color.
High RVOL = When the day's cumulative volume is greater than the Past Volume levels, then the background is painted Blue by default
Low RVOL = When the day's cumulative volume is lower than the Past Volume levels, then the background is painted Purple by default
See annotated examples in the chart Below, which compares/contrasts this new indicator with the RVOL indicator by Tradingview:
Portions of the 'Relative Volume At Time' indictor code have been removed to clean up the script.
Plans in the future are to remove more code were possible, to further refine the script and speed up the processing times for the indicator.
If anyone is able to strip out more and keep it functioning the same, please let me know.
Enjoy.
Credit also goes to author LazyBear . Portions of the Volume indicator is adapted from - HawkEye Volume Indicator [LazyBear]
Release Notes
Update 04/26/22*Reorganized and renamed some of the the settings inputs. Setting inputs had artifacts left over from the original 'Relative Volume At Time' that did not align with this newer adapted version.
*Cleaned up and removed portions of the code that were not needed, to refine and hopefully speed up the indicator processing
*Reworded pinscript author credits
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.