Relative Volume or RVOL is an indicator used to help determine the amount of volume change over a given period of time.
It is often used to help traders determine how in-play a ticker is.
General rule of thumb is the higher the RVOL, the more in play a stock is.
I myself like to use it as a substitute of the volume indicator itself.
The today's script was suggested by a follower.
1 minute of Knowledge
Many traders look at volume as a pre-signal that a move may happen.
In trading, some say that "the volume precedes the movement".
This simply means that often volume will increase before a significant...
Relative Volume ( RVol ) is a critical measure of volume flows. It measures current volume in relation to the "usual" volume for this time of the day.
Rate of Change ( RoC ) is a momentum-based technical indicator that measures the percentage change in price between the current price and the price a certain number of periods ago.
Relative Volume for 3 minute charts ONLY.
Lookback 20 days.
Historical and average values are used to formulate the ratio.
Thank you to R4Rocket for the initial code.
I also researched the RVOL output in Trade Ideas to align the final ratio as close as possible.
The colors change at different levels:
<0.5 ; Red
0.5 > and <=.65 ; Orange
0.65 > and...
Relative volume or RVOL for short is an indicator that is used to measure how 'In Play' the stock is. Simply put, it helps to quantify how interested everybody is in the given stock - higher the value, higher the interest and hence higher is the probability for movement in the stock.
I have tried to create RVOL (Relative Volume ) Indicator as per the description...
This indicator colors the volume bars based on any of the three follow criteria:
- Volume Amount
- RVOL (Relative Volume)
- Lookback (Highest Over Period)
You can use one, two or all three of these settings at the same time.
You can also set alerts with this indicator. The script will trigger an alert whenever any of the three specified flags are triggered.
Relative Volume, often times called RVOL, is an indicator that tells traders how current volume is compared to past trading volumes over a given period. It is kind of a like a radar for how “in-play” a stock is. The higher the relative volume is the more in play it is.
Relative Volume is displayed as a ratio. So if it is showing 3.5 relative volume, that means it...