Relative Volume - Fully Configurable

kelmarin

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Title: Relative Volume (RV-X) - Fully Configurable with Alerts
Description:
Overview
This script provides a comprehensive and highly customizable Relative Volume (RVOL) indicator designed to give traders an instant edge in analyzing market participation and conviction.

Relative Volume measures the current bar's volume as a multiple of its recent average volume (e.g., 2.5x means the current volume is 2.5 times the average). This allows you to immediately spot unusual volume activity that often precedes significant price moves. Unlike standard volume bars, RVOL provides immediate context, answering the question: "Is this volume high or low relative to recent history?"

This tool is invaluable for confirming breakouts, gauging trend strength, identifying climactic tops or bottoms, and filtering out low-liquidity market conditions.

Key Features
Relative Volume as a Multiple: Instantly see if volume is 1.5x, 3x, or 10x the recent average, providing clear context.
Tiered Color-Coding: Histogram bars are automatically colored based on RVOL strength, giving you an intuitive, at-a-glance understanding of market activity.
Fully Customizable Visuals: Every color for every tier is fully configurable in the settings menu. Tailor the look and feel to your personal preference.
Customizable Lookback Period: Easily adjust the lookback period for the volume moving average to suit different timeframes and trading styles.
Built-in Crossover Alerts: Never miss a volume spike again. Set a custom RVOL level (e.g., 2.0x) and receive a server-side alert when volume crosses above it. This works for single symbols or entire watchlists.
Clear Reference Lines: Horizontal lines are plotted at key RVOL levels (1.0, 2.0, 5.0, 10.0) to provide clear reference points.

How It Works
The indicator's calculation is straightforward:

RelativeVolume=
SimpleMovingAverageofVolumeoveraLookbackPeriod
CurrentBar
′
sVolume
​

An RVOL value greater than 1.0 indicates that the current volume is higher than the recent average.
An RVOL value less than 1.0 indicates that the current volume is lower than the recent average.
The default color scheme is designed for intuitive analysis:

Red: Below average volume (RVOL <= 1x)
Yellow: Above average volume (1x < RVOL < 2x)
Light Green: Moderately high volume (2x <= RVOL < 5x)
Medium Green: High volume (5x <= RVOL < 10x)
Bright Green: Extremely high volume (RVOL >= 10x)

How to Use in Trading
Breakout Confirmation: A price breakout from a consolidation range is significantly more reliable if it occurs on high relative volume (e.g., RVOL > 2.0). Low RVOL on a breakout suggests a lack of conviction and a higher chance of failure (a "fakeout").

Trend Strength Analysis: In a healthy, sustained trend, you should see volume pick up on moves in the direction of the trend (RVOL > 1.0) and decrease on pullbacks.

Identifying Exhaustion/Climax: An extremely high RVOL spike (e.g., > 5x or 10x) after a prolonged price move can signal an "exhaustion climax," where the last of the buyers (at a top) or sellers (at a bottom) have entered the market. This often precedes a reversal.

Filtering Low-Liquidity Environments: When RVOL is consistently below 1.0 (red bars), it signals a quiet, low-liquidity market. This can be a useful filter to avoid choppy price action and unreliable chart patterns.

Configuration Settings
All settings are easily accessible in the indicator's "Inputs" tab:

General Settings:
Lookback Period: Sets the length for the volume's Simple Moving Average.
Alert On RVOL >: Sets the custom threshold for the crossover alert.
Color Settings:
Individual color pickers for all five RVOL tiers, from <= 1x to > 10x.
This script was developed to be a robust, all-in-one solution for volume analysis. Feel free to use and modify it. Happy trading!

kelmarin

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