OPEN-SOURCE SCRIPT
Multi Exchange Relative Volume - FOREX
Updated
Hello traders! This is my first script that I will publish here. This script calculates the relative volume based on the average volume at that time of the day across different brokers.
Release Notes
some small bug fixesRelease Notes
Bugs fixed for the smaller timeframesRelease Notes
Color updateRelease Notes
Update visual exampleRelease Notes
Update visual exampleRelease Notes
Update visual exampleRelease Notes
Make the script available for non forex pairs as wellRelease Notes
Small bug fixRelease Notes
The indicator is no longer seen as a separate screen but you can add the volume to the chart itself now. Just make sure that you set the bottom margin as 0 in Settings / Appearance Release Notes
Relative Volume is one of the most important indicators and Traders should check it while trading/analyzing. it is used to identify whether the volume flows are increasing or decreasing. Relative volume measures current volume in relation to the "average" volume for this time of the day. And this indicator does this over 5 different forex brokers.
The common definition for real-time relative volume is: Current volume for that volume bar / Average volume bar on that moment. It does mean taking the volume (for example) from 10:30 am to 10:45 am and comparing it to what it does from 10:30 am to 10:45 am every day.
Release Notes
Removed the Globalprime broker, and change it to EightcapRelease Notes
I will no longer be developing this script further because I have released a new script where the exchanges are not fixed in a dropdown menu, making it suitable for use with cryptocurrencies as well. Consequently, I have decided to discontinue the development of this script.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
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