Volume % of Diluted Shares Outstanding

Indicator does what it says - shows the volume traded per time frame as percentage of shares outstanding.
There are three scaling modes, see below.

Absolute (0–100%+) → The line values are the true % of diluted shares traded.
If the plot is at 12, that means 12% of all diluted shares traded that day.

Auto-range (absolute) → The line values are still the true % of shares traded (the y-axis is in real percentages).
But the reference lines (25/50/75/100) are not literal percentages anymore; they are markers at fractions of the local min-to-max range.
So your blue bars are real (e.g., 12% really is 12%), but the dotted lines are relative.

Normalize to 100 → The line values are not the true % anymore.
Everything is re-expressed as a fraction of the recent maximum, so 100 = “highest in the lookback window,” not “100% of shares.”
If the true max was 30% of shares traded, and today is 15%, then the plot will show 50 (because 15 is half of 30).