This is a Volume indicator that also shows Relative Volume at Time (RVOL). The RVOL is easily visible as a background color, that changes between Low and High RVOL colors. The RVOL portion of the indicator is a modified version of the 'Relative Volume At Time' indicator by Tradingview (which has been the best/most accurate RVOL indicator i have seen yet on Tradingview, and seems to closely match the how the "Zanger Volume" indicator works).
Elevated RVOL can be a very important criteria for trading , especially on lower time frames. This indicator can be used as a simple filter when looking at charts to determine whether it should be traded or not, based on the RVOL. Higher volume/participation relative to previous time periods can lead to better follow through of moves and price action, and can lead to trending conditions. Lower RVOL can lead to choppy market conditions, with lower participation and follow through on chart patterns.
The RVOL portion of the indicator draws from the Tradingview 'Relative Volume At Time' indicator developed by authors @e2e4mfck and @LucF , for TradingView. This indicator takes the Past Volume mark and changes it into a background color. High RVOL = When the day's cumulative volume is greater than the Past Volume levels, then the background is painted Blue by default Low RVOL = When the day's cumulative volume is lower than the Past Volume levels, then the background is painted Purple by default See annotated examples in the chart Below, which compares/contrasts this new indicator with the RVOL indicator by Tradingview:
Portions of the 'Relative Volume At Time' indictor code have been removed to clean up the script. Plans in the future are to remove more code were possible, to further refine the script and speed up the processing times for the indicator. If anyone is able to strip out more and keep it functioning the same, please let me know. Enjoy. Credit also goes to author @LazyBear . Portions of the Volume indicator is adapted from - HawkEye Volume Indicator [LazyBear]
Информация о релизе
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Update 04/26/22 *Reorganized and renamed some of the the settings inputs. Setting inputs had artifacts left over from the original 'Relative Volume At Time' that did not align with this newer adapted version. *Cleaned up and removed portions of the code that were not needed, to refine and hopefully speed up the indicator processing *Reworded pinscript author credits
This is a very nice indicator. Great work. It will be great if you can add an option to change the volume bar colour.
dufik
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Good work, mate.
FourC
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@dufik, Hey thanks i am glad you like it! Just FYI i updated the indicator recently, and cleaned up a few things. You may want to reinstall it as you may find it runs a bit smoother, and the settings functionality is better. Cheers
Hi Four C. I just starting using it and It is great as it is very visual. One quick question though : What does the gray color indicates in the histograms. I checked in the settings, but did not find it. Have a great trading Year. Greetings from France.
FourC
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@BLUC69, hello - the gray volume bars typically denote 'mixed' volume instead of 'bullish' or 'bearish' volume. enjoy the indicator and let me know if you have any other questions. peace!
majed-raptor
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Hello my friend, why does the phrase (study error) appear in it? Can it be repaired?
FourC
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@majed-raptor, Hi - I am not sure what you are talking about...? I do not see any error messages. Can you please elaborate? Thanks