DTR vs ART along with Relative Volume in Percentage. So if you see RVol as 200% with input length of 10 days, today's volume is 2x compared to past 10 days. It helps if today's volume is already reached 20% or 30% within 30mins of market open, etc.
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Added an option to choose Smoothing for ATR
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Updated some notes
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Updating function to work better
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cleaning up stuff
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There was a mis-calculation on the script where if you change chart resolution, the RVol changes. But the intention of this script is, both DTR vs ATR value and RVol should be same for the day whether you're on 1Hr chart or 3min chart or Daily chart. The idea is, we want to see what is today's DTR vs ATR and what is today's Relative Volume.
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Update Notes: Couple of features added: 1. When chart resolution is Daily or Intraday (D, 4H, 1H, 5min, etc), both True Range and Relative Volume shows value based on DAILY. 2. When resolution is changed to Weekly or Monthly, then both True Range and Relative Volume shows corresponding value. i.e. Weekly shows weekly true range vs past 'N' weekly ATR. Weekly Relative Volume shows relative volume of this week compared to past 'N' weeks. Likewise for Monthly. You would see change in label name. Like, Weekly chart shows WTR (Weekly True Range) and W_RVol (Weekly Relative Volume). Likewise, Daily & Intraday shows DTR & D_RVol. Monthly shows MTR (Monthly True Range) and M_RVol (Monthly Relative Volume). 3. Added a plot (by default hidden) for this specific reason: When you move the cursor to focus specific candle, then Indicator Value displays relative volume of that specific candle. This applies to Intraday as well. So if you're in 1HR chart and move the cursor to a specific candle, Indicator Value shows relative volume for that specific candlestick bar.
Hope you find this useful.
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Introducing Table with this release. Here are the features: 1. You can choose location of the panel/table from settings 2. You can choose to hide table Header
If you still like to use older version (label), I think you can still change to previous version of this script.
Hope this helps with multiple charts layout as well.
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Per request from my followers, I have updated this script so that you can choose location of the table and text size. In addition to that, you can enable/disable table title.
Here is the supported text size: "auto", "tiny", "small", "normal", "large", "huge"
Can someone please explain how dtr vs atr vs rvol works? what it means and how I can use it
Spaydz
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@decimalPaella, agreed can someone plz explain... this seems interesting and nice to have
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thatoneguy86
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Would it be possible to add more than one period to the box? I like to look at the rolling 5 day atr vs the 21 day atr to see how volatility is in the short term vs longer. I can do this with running two separate indicators, but it ends up clogging up the chart a bit. Thank you very much for your hard work.
kenjiurada
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Would it be possible to have this calculate in real time, based on the history of the timeframe, like in terms of 30 minute bars or something?
oldyize1
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good script but is it possible to have something like this created for the intraday? i see nothing on TV for intraday atr for instance like on the 5 min. wish i knew how to code. thanks
REUBEN61
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Can you add look back period, where we can see past data points to study?
Vic_Villa
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is it possible to record this data, or chart this data at any given point in time? What I'm manually doing today is recording the DTR VS ATR & RVOL at the open and periodically throughout the day, IE: 7am, 8am, 9am etc....
ejaea
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thank you for sharing this!
Spaydz
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hey, can u add the option to make the dtr vs atr Multitime frame...cause when i add it on my daily chart & go to monthly chart it tells me the monthly atr when i still wanna see the daily...appreciate ur script!