Relative is displayed as a ratio. So if it is showing 3.5 relative , that means it is trading at 3.5 times its normal .
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.
RV = CURRENT VOL/AVERAGE VOL. Therefore if you r on daily chart ====> CURRENT OR YESTERDAYS FULL DAY VOLUME/AVERAGE VOLUME OF PAST 14 DAYS,..
I will use as past 10days.. meaning 2 weeks..
Also, think about it logically, why does the indicator ALWAYS show high RVOL in the morning? The indicator is useless as a result. Please don't take it personally. Just giving some constructive criticism.
You know it's normal since you are a human being who knows market psychology, the indicator on the other hand doesn't think about psychology, it just gives you facts based on unchanged numbers...
Im sorry man but your thinking is incorrect, the indicator does exactly what it should do - show relatively high volume in the morning, because in relation to previous hours of the day there is much more volume.
Try to think about it as a crypto trader - where the markets never close
In the stock market, it will be probably better to apply this indicator to longer timeframes (>1d)