Relative Volume is calculated by taking the ratio of current volume relative to a moving average of your choice. It gives you a quick way to see how much volume is involved in the current movement relative to a recent period.
Features:
-Customizable Moving Average: You can choose the period (default is 21) and type (SMA or EMA) -Customizable base level: Default setting is 1. -Smoothing option: Uses a Hull moving average to smooth out the RVOL area plot, by default its turned off.
Enjoy!
릴리즈 노트
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Updated to Pine V5 Updated gradient Fill and RVOL line is now also gradient line.
love this... would you be able to add an alert when volume spike above VMA ?
slowcoconut
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excellent script and presentation...its found a spot in my vol stack...but to be more effective for the US stocks/indices I trade I added a function to remove extended hour and market open/close session time (since there are huge spikes in volume during those times that throw off the relativity of the graph/gradient. I switched to advanced pro version of the gradient..took the linear regression of the vol instead of sma/ema...got what I was lookin for! a few other changes here or there but yep couldn't have done any of it without you fractal, much appreciated!