In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
that quote above is what you wrote. However, the code says otherwise. If we use loopback period of 5 days and a 1-minute bar at 9:35 AM, let's say the volume is 10 for day 1, 20 for day 2, 5 for day 3, 15 for day 4, 10 for day 5... that is average volume of 10 for that 1-minute bar at time of 9:35 AM. On day 6 at 9:35 AM ET, volume jumps to 50. The RVOL reads 5. Why? Because current volume / average volume = 50 / 10 = 5. Which means the current volume on day 6 is five (5) times larger than the average of the 10 from the previous 5 days at 9:35 AM. This means now that the stock is in play and there will be lots of action. This is what you should program as RVOL. Look up Volume+ (time of the day) indicator on TV as it is properly programmed. Hope that helps :)