% Volume (%V)

Read about it in the book of Buff Pelz Dormeier "Investing with Volume Analysis: Identify, Follow, and Profit from Trends".

Normalized volume (%V) is a concept that uses an average of volume to plot volume. The volume total for the current bar is divided by the average volume (over the last n bars) to form a ratio. This ratio is multiplied by 100 and plotted in the same way that traditional volume is plotted as vertical bars on the horizontal plane, which creates a normalized volume scale of 0 to 100. This allows for easy interpretation of volume’s relative movements, with 50 being typical or average volume, numbers below 50 being light volume, and numbers above 50 being heavier volume.

Good luck!