RVOL Color-Coded Volume

RVOL Color-Coded Volume Indicator

This tool visualizes volume intensity through color-coded bars in a separate panel, making it easy to identify significant market moves driven by unusual volume.

Key Features:
- Displays volume bars with varying colors and intensities based on RVOL (Relative Volume)
- Shows a customizable moving average line for volume reference
- Includes alert conditions for different RVOL thresholds

Color System:
Blue shades (Bullish):
- Light: Normal volume (RVOL < 1)
- Medium: Above average volume
- Dark: Heavy buying volume
- Solid: Extreme volume surge

Pink shades (Bearish):
- Light: Normal volume (RVOL < 1)
- Medium: Increased selling
- Dark: Heavy selling
- Solid: Extreme selling pressure

Gray shades (Neutral):
- Used when opening and closing prices are equal
- Intensity varies with RVOL level

Additional Features:
- Dotted threshold lines for easy reference
- Background highlighting for extreme volume events
- Data window shows exact RVOL values
- Multiple alert conditions for volume thresholds

The indicator helps traders spot potential trend changes and momentum shifts by highlighting unusual volume patterns without interfering with price analysis.