Volume Ratio (J)

Thanks to the following script.
Volume Ratio

Definition:
Volume ratio can be obtained in a similar way to RSI .
Volume Ratio (%) = 100 - 100/(1+vr)
The parameter "vr" is defined as
vr=(A+U/2)/(D+U/2)

A=Total volume of the periods when the price advance.
D=Total volume of the periods when the price declined.
U=Total volume of the periods when the price unchanged.

After substitution, following expression can be derived and the denominator represents total volume of all periods.
Volume Ratio (%) = 100 x (A+U/2)/(A+D+U)

Notes:
A similar method to interpret RSI can be employed.
1) Overbought level over 70% and oversold level under 30%. These levels need to be adjusted according to the periods, time frames and issues.
2) Bullish picture over 50% line and bearish picture under 50% line.
3) Crossing oversold level to the upside can be taken as a confirmation of bullish reversal. - and vice versa for a bearish reversal.
4) After a long-term bearish market, the increase of volume can happen in the early stage of a bullish market.
5) Buying opportunity can be suggested when the volume ratio is declining and the price is either advancing or leveling off.