OPEN-SOURCE SCRIPT

RVol based Support & Resistance Zones

100
Description:
This indicator is designed to help traders identify significant price levels based on institutional volume. It monitors two higher timeframes (defined by the user) simultaneously. When a candle on these higher timeframes exhibits unusually high volume—known as high Relative Volume (RVol)—the indicator automatically draws a "Zone of Interest" box on your current chart.

These zones are defined by:
  • Up candle : from candle open to low of candle
  • Down candle : from candle open to high of candle


Key Features:
  1. Multi-Timeframe Monitoring: You can trade on a lower timeframe (e.g., 5-minute) while the indicator monitors the 30-minute and 1-hour charts for volume spikes.
  2. RVol Boxes: Automatically draws boxes extending from high-volume candles.
  3. Up Candles: Box covers Low to Open.
  4. Down Candles: Box covers High to Open.
  5. Live Dashboard: A neat, color-coded table displays the current Volume, Average Volume, and RVol percentage for your watched timeframes.
  6. Real-Time vs. Confirmed: Choose whether to see boxes appear immediately as volume spikes (Live) or only after the candle has closed and confirmed the volume (Candle Close).


Settings Guide:
1. General Settings
  • Relative Volume Length: The number of past candles used to calculate the "Average Volume." (Default is 20).
  • Max Days Back to Draw: To keep your chart clean, this limits how far back in history the script looks for high-volume zones. (e.g., set to 5 to only see zones created in the last 5 days).
  • Draw Mode:
    - Live (Real-time): Draws the box immediately if the current developing candle hits the volume threshold. (Note: The box may disappear if the volume average shifts before the candle closes).
    - Candle Close: The box only appears once the candle has finished and permanently confirmed the volume spike.


2. Table Settings
  • Show Info Table: Toggles the dashboard on or off.
  • Text Size & Position: Customise where the table appears on your screen and how large the text is.
  • Colours: Fully customisable colours for the Table Header (Top row) and Data Rows (Bottom rows).


3. Timeframe 1 & 2 Settings
You have two identical sections to configure two different timeframes (e.g., 30m and 1H).
  • Timeframe: The chart interval to monitor (e.g., "30" for 30 minutes, "60" for 1 Hour, "240" for 4 Hours).
  • Threshold %: The "Trigger" for drawing a box based on relative candle volume in that timeframe.
    Example:
    100% = Candle Volume is equal to the average volume for the specified timeframe.
    200% = Candle Volume is 2x the average volume for the specified timeframe.
    300% = Candle Volume is 3x the average volume for the specified timeframe.

  • Box & Edge Colour: Distinct colours for each timeframe so you can easily tell which timeframe created the zone.

Penafian

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