Volume, Relative Volume Highlight

The indicator plots regular volume bars.
The highlight is given by the current cumulative volume for the day, compared to a custom average (standard 20 periods). The stronger the color, the higher the relative volume is. Stocks moving of higher relative volume have higher chances of making predictable moves.
Release Notes: Added statement to avoid "Internal Server Study Error" on 1 minute chart.

Simplified the code overall

Modified color palette for better differetiantion of levels
Release Notes: Added input box for custom relative volume threshold

Minor fixes to plot to maket it more readable
Release Notes: Changed display image
Release Notes: Corrected formatting error on 1 min scale
Open-source script

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.

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Edit: The script works from 5 minutes to 120 minutes timeframes
+1 Reply
Hello, thank you for sharing this volume indicator.
Is it possible to highlight the volume of the current bar if the previous bar has a lower volume?

It will be helpful for some VSA signals.
Please let me know,
Thank you.
Lupo_Investing dmitry089234
@dmitry089234, do you mean in general or when the high relative volume threshold is active?
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