# RVOL - R4Rocket

Relative volume or RVOL for short is an indicator that is used to measure how 'In Play' the stock is. Simply put, it helps to quantify how interested everybody is in the given stock - higher the value, higher the interest and hence higher is the probability for movement in the stock.

I have tried to create RVOL (Relative Volume ) Indicator as per the description that I read on SMB Capital blog. The blog is a great resource .

...................................................................................................................................................................................

How to use the indicator - The indicator is meant for INTRADAY ONLY.

The indicator has following inputs -

1. RVOL Period - Value from 3 to 14 (Default Value = 4)
This is used to calculate the average volume over the given period of days. e.g. average volume for the last 5 days, last 3 days, last 10 days etc. NOTE - If you use higher RVOL Period on smaller timeframes, the code will give an error. So I recommend using 4 or lower for 5 min timeframe. (Nothing will work on 1 min chart and you can experiment for other timeframes.)

2. RVOL Sectional - True / False (Default Value = False)
If you check this box then you will be able to calculate the RVOL for a particular session (or between particular sessions) in that trading day.

What do I mean by session?
Well I have divided the trading day into 6 (almost) equally spaced sessions in time, i.e. 6 hours and 15 mins (for NSE - India) of trading day is divided into 1 hr - 1st session, 1 hr - 2nd session, 1 hr - 3rd session, 1 hr - 4th session, 1 hr - 5th session, 1 hr and 15 min - 6th session.

Before using 3rd and 4th inputs of indicator, RVOL Sectional box MUST BE CHECKED FIRST.

3. RVOL From Session - 1 to 6 (Default Value = 1)

4. RVOL To Session - 1 to 6 (Default Value = 2)

Now if you select 2 in "RVOL From Session" input and 3 in "RVOL To Session" input, the indicator will calculate RVOL for the 2nd and 3rd hour of the trading day. If you select 3 in both the inputs, then the indicator will give RVOL for the 3rd hour of the trading day.

5. RVOL Trigger - 0.2 to 10 (Default Value = 2)
Filter to find days having RVOL above that value. The indicator turns green (or colour of your choice) when RVOL is more than "RVOL Trigger".
...................................................................................................................................................................................

“Only The Game, Can Teach You The Game” – Jesse Livermore

Yours sincerely,
R4Rocket

**If you have some awesome idea for improvement of the indicator - request you to update the code and share the same.
Informacje o Wersji: Well earlier the indicator was only useful if you were trading on NSE-India. (Heyy !! What about other exchanges like NASDAQ, LSE, TSX, HKEX ?)

USELESS indicator!!!!!!!!

So now the Indicator is a bit more USEFUL as I have added the support for EVERY EXCHANGE in EVERY CONTINENT. (Sounds great, doesn't it ?)

All you have to do is select the Exchange Start Time and End Time (as per the exchange local time) in the inputs.
e.g. For NASDAQ use Start Time - 9:30 and End Time - 16:00.

(If you are residing in India and you wish to use the indicator on TESLA INC - NASDAQ, you have to change your platform timing to UTC - 4, which is New York Timezone, and then check the NASDAQ Start & End time as per the chart, or you can just google it!).

Cheers !!
R4Rocket
Informacje o Wersji: You can now USE THE SCRIPT ON 1 MIN CHART !!!!
Informacje o Wersji: Now WORKING ON DAILY CHART

And also WORKING ON 1 MIN CHART

Skrypt open-source

Zgodnie z prawdziwym duchem TradingView, autor tego skryptu opublikował go jako open-source, aby traderzy mogli go zrozumieć i zweryfikować. Brawo dla autora! Możesz używać go za darmo, ale ponowne wykorzystanie tego kodu w publikacji jest regulowane przez Dobre Praktyki. Możesz go oznaczyć jako ulubione, aby użyć go na wykresie.

Wyłączenie odpowiedzialności

Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.

Chcesz użyć tego skryptu na wykresie?