OPINICUS VOLUME DATA - Time Of Day Relative Volume (RVOL)

2020년 12월 14일

This tool calculates the relative volume (RVOL) based on the normal average volume at that particular time of day.

Relative volume is a powerful piece of information because it offers a gauge as to whether a stock is in play or not. If RVOL is less than 1 it is not in play on this trading day or during this timeframe. If RVOL is above 2, it IS in play and can potentially be traded.

This script allows you to determine if relative volume is average, above average, 2x, or 3x via different color volume bars, at that particular time of day.

There are 2 different settings on this volume indicator.

The first setting is "Gradient." This is the preferred setting, and the one I personally use. Gradient is going to show you different color volume bars based on the RVOL multiple.
The color scheme is as follows:

• Gray for average volume
  
• Red if RVOL is between 1.0 and 1.5
  
• Orange if RVOL is between 1.5 and 2
  
• Green if RVOL is between 2.0 and 3.0
  
• Lime green (bright green) if RVOL is greater than 3.
  

The second setting is "Price." This setting simply shows you the color of the candlestick. This is useful if you find the gradient setting to be too distracting, but still want to see if there is increased relative volume.

There is an alerts setting, which I find to be useful but can also be very distracting. If you leave the "Alert At RVOL %" setting at 0, then alerts will only be triggered if the current candle exceeds the 1.0 (100%) RVOL level. This happens far too frequently, so I prefer to put the alert at 2 or 3. If you change the "Alert At RVOL %" setting then alerts will be triggered if the RVOL percentage (blue number) exceeds your given value. The blue number is a percentage of the average, so if it’s at 1, then it’s 100% of the average.

Note: This tool does not work if you have after-hours or pre-market data displayed. The preferred setting for this tool is the 15' chart, with a 21 day look back period. It is also very useful on the daily chart when doing higher timeframe research.

2022년 4월 1일

릴리즈 노트

Current version updates the script to latest Pine version, as well as improved the user settings for simplicity.

2022년 5월 6일

릴리즈 노트

This tool calculates the relative volume (RVOL) based on the normal average volume at that particular time of day.

Relative volume is a powerful piece of information because it offers a gauge as to whether a stock is in play or not. If RVOL is less than 1 it is not in play on this trading day or during this timeframe. If RVOL is above 2, it IS in play and can potentially be traded.

This volume indicator allows you to determine if relative volume is average, above average, 2x, or 3x via different color volume bars, at that particular time of day.

There is one primary setting for this tool, which will populate the volume bars with different gradients. These Gradients are going to show you different color volume bars based on the RVOL multiple.
The color scheme is as follows:
Gray for average volume
Red if RVOL is between 1.0 and 1.5
Orange if RVOL is between 1.5 and 2
Green if RVOL is between 2.0 and 3.0
Lime green (bright green) if RVOL is greater than 3.

There is an alerts setting, which I find to be useful but can also be very distracting. If you leave the "Alert At RVOL %" setting at 0, then alerts will only be triggered if the current candle exceeds the 1.0 (100%) RVOL level. This happens far too frequently, so I prefer to put the alert at 2 or 3. If you change the "Alert At RVOL %" setting then alerts will be triggered if the RVOL percentage (blue number) exceeds your given value. The blue number is a percentage of the average, so if it’s at 1, then it’s 100% of the average.

Note: This tool does not work if you have after-hours or pre-market data displayed. The preferred setting for this tool is the 15' chart, with a 21 day look back period. It is also very useful on the daily chart when doing higher timeframe research.

If you would like to use this volume indicator, please contact us at: opinicusholdings.com

2022년 5월 6일

릴리즈 노트

Chart update for stronger context.