Relative Volume shows traders how "in-play" a current stonk is. Works great for day traders and scalpers!
Volume of Current TimeFrame's ratio to the average volume over X days back on the same time frame. ie . z = Volume at 0930-0940am over X days period divided by X rVol = current volume divided by z
Dots at the bottom to indicate candles whose RVOL is morethan set minimum ratio. Yes, its only 5 and 10 minutes. Might do calculations for other timeframes if this gets a good following.
Only works on US market session. 0930am to 0400pm EST.
Play Strategies : - on break of support/resistance, if rvol supports action, ride direction of price action. - look for in-play names, wait for price action to return to support/resistance area on low volume then revisit if a bounce on the support/resistance line is supported by rVol again.
REMINDER!!! This works only on 5 and 10 minutes TF. Dont forget to change your chart's timeframes. This script will calculate erroneously if timeframe set on script and chart's current time frame are different. Works even if extended market is enabled on your charts. It only looks at 0930 - 1600 EST bars.
Love the script! Would it be possible to share it openly? Would like to change some of the data shown so it takes less real estate on my charts. Thanks!
jasminko.dogladovic
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I like the fact you can use it without disabling extended hours. Good job mate! Now one thing that a lot of people don't know about is relative price. Hedge funds and banks use this to make trades by looking at the price for that specific period of time in a day. Something to think about
WooHooTrades
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Thanks! If you have a reference or more info about it, please pm it to me and ill look into it.
This relative price is it against another similar security or just like Relative Volume but this time its price?