OPEN-SOURCE SCRIPT
Relative Volume (RVOL) [CandleSyntax]
[CS] Relative Volume (RVOL) — Compares current volume to the average volume at the same time of day. The 9:30 bar gets compared to other 9:30 bars, not to the quiet afternoon average.
🔹 What It Does
- Calculates RVOL using time-of-day normalization — each bar's volume is measured against the historical average for that specific time slot
- Marks high and extreme RVOL bars with small diamond shapes. Candles stay untouched.
- Detects volume dry-ups (below 50% of normal) with a subtle circle marker
- Compact table shows current RVOL ratio, baseline info, and a legend explaining each marker
🔹 What Makes This Different
Standard RVOL indicators compare volume to a simple moving average. This means the 9:30 AM bar always shows as "high volume" because it's compared against the midday average. That's not useful.
This indicator compares 9:30 volume to other 9:30 volumes, 10:15 to other 10:15s, etc. The result: a spike at 9:30 means volume is unusual even for the open. A spike at 1:30 PM means something is happening in an otherwise dead part of the day. Both are real signals — standard RVOL would only catch the second one.
🔹 How to Read It
- Orange diamond (bright) — Extreme RVOL (3.5x+ normal for this time of day)
- Orange diamond (faded) — High RVOL (2.0x+ normal)
- Blue circle (faded) — Volume dry-up (below 0.5x normal). Often precedes big moves.
- Bullish candles: marker below. Bearish candles: marker above.
- Candles are never recolored — your price action stays clean.
🔹 Best Used For
- True volume confirmation that accounts for time-of-day patterns
- Spotting unusual activity during normally quiet periods
- Identifying volume dry-ups that precede breakouts
- Filtering out the expected 9:30 volume surge
🔹 Settings
- Lookback Days (10) — days of history for time-of-day average
- High RVOL Threshold (2.0) — above this = elevated
- Extreme RVOL Threshold (3.5) — above this = extreme
- Customizable colors for all marker types
Part of the Candle Syntax collection — free trading indicators built different.
🔹 What It Does
- Calculates RVOL using time-of-day normalization — each bar's volume is measured against the historical average for that specific time slot
- Marks high and extreme RVOL bars with small diamond shapes. Candles stay untouched.
- Detects volume dry-ups (below 50% of normal) with a subtle circle marker
- Compact table shows current RVOL ratio, baseline info, and a legend explaining each marker
🔹 What Makes This Different
Standard RVOL indicators compare volume to a simple moving average. This means the 9:30 AM bar always shows as "high volume" because it's compared against the midday average. That's not useful.
This indicator compares 9:30 volume to other 9:30 volumes, 10:15 to other 10:15s, etc. The result: a spike at 9:30 means volume is unusual even for the open. A spike at 1:30 PM means something is happening in an otherwise dead part of the day. Both are real signals — standard RVOL would only catch the second one.
🔹 How to Read It
- Orange diamond (bright) — Extreme RVOL (3.5x+ normal for this time of day)
- Orange diamond (faded) — High RVOL (2.0x+ normal)
- Blue circle (faded) — Volume dry-up (below 0.5x normal). Often precedes big moves.
- Bullish candles: marker below. Bearish candles: marker above.
- Candles are never recolored — your price action stays clean.
🔹 Best Used For
- True volume confirmation that accounts for time-of-day patterns
- Spotting unusual activity during normally quiet periods
- Identifying volume dry-ups that precede breakouts
- Filtering out the expected 9:30 volume surge
🔹 Settings
- Lookback Days (10) — days of history for time-of-day average
- High RVOL Threshold (2.0) — above this = elevated
- Extreme RVOL Threshold (3.5) — above this = extreme
- Customizable colors for all marker types
Part of the Candle Syntax collection — free trading indicators built different.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que la republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como asesoramiento o recomendaciones financieras, de inversión, de trading o de otro tipo proporcionadas o respaldadas por TradingView. Más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que la republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como asesoramiento o recomendaciones financieras, de inversión, de trading o de otro tipo proporcionadas o respaldadas por TradingView. Más información en Condiciones de uso.