RVOL Highlighter (Bullish Volume Spikes)

Description:
A simple yet powerful indicator that highlights candles with unusually high buying volume.
What it does:
Identifies candles where relative volume (RVOL) exceeds your chosen threshold AND the candle is bullish (green). These high-volume bullish candles often signal strong institutional buying interest or momentum breakouts.
How it works:

Calculates RVOL by comparing current volume to the simple moving average of volume over your selected period
Only highlights candles that meet BOTH conditions: RVOL above threshold + bullish close
Highlighted candles appear in bright magenta for easy visibility on dark mode charts

Settings:

• RVOL Period: Lookback period for average volume calculation (default: 10)
  
• RVOL Threshold: Minimum relative volume multiplier to trigger highlight (default: 2.5x)
  
• Highlight Color: Customizable (default: magenta #FF00FF)
  

Use cases:

• Spot potential breakout entries with volume confirmation
  
• Identify accumulation zones
  
• Filter for high-conviction bullish moves
  

Works on any timeframe and any asset. The actual RVOL value is available in the data window when hovering over candles.