ZenAndTheArtOfTrading

Volume+ (RVOL/Alerts)

This indicator colors the volume bars based on any of the three follow criteria:

- Volume Amount
- RVOL (Relative Volume )
- Lookback (Highest Over Period)

You can use one, two or all three of these settings at the same time.

You can also set alerts with this indicator. The script will trigger an alert whenever any of the three specified flags are triggered.

RVOL is calculated as: Volume divided by Moving Average value. You can change the moving average period (and type) in the settings.
Release Notes: Added option to draw Volume Amount and Lookback Thresholds
Release Notes: Minor improvements
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thank you kind sir for this, very good code
+1 Reply
@scamArtist, You're most welcome my friend! I'm glad you found it helpful. Enjoy :D

PS. If you liked this script then you might also like the code for this one, it's a similar idea for detecting RVOL but far more advanced: https://zenandtheartoftrading.com/indicators/rvol-by-time/
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scamArtist ZenAndTheArtOfTrading
@ZenAndTheArtOfTrading, cool..bookmarked it , tx for * bro , keep up the good work :)
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Hello, thank you very much for the script, It have been helpful in what I was looking for, but your code is hard for me to understand, because I have a very basic level of Pine Script...

Could you help me with a quick question...?

How could I create a signal if the amount of the volume exceeds 500 contracts and it generate a mark as a cross on my graphic...

Thanks in advance for your guidance.
+1 Reply
@jmcc76, Hi! Thanks for checking out my script :)

To draw a cross when the volume alert is triggered, add this line to the end of the script:

plotshape(alert, style=shape.xcross, color=black)

And to make the script detect 500 Contracts worth of volume, open the script's settings menu and change the Volume To Trigger Signal value to '500'.

If you want to make your own companion script that draws the cross onto the actual candlestick chart, you'll need to create your own script and change the script's overlay setting to true. Hope that helps, let me know if you have any questions :)

For example, this code will do exactly what you want:

study(title = "Volume+", overlay=true)
alertVol = input(title="Volume to Trigger Signal", type=integer, defval=500)
plotshape(volume > alertVol, style=shape.xcross, color=black)
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jmcc76 ZenAndTheArtOfTrading
@ZenAndTheArtOfTrading,

I can't thank you enough for your answer ...
I am only a beginner with Pine but people like you, make possible to continue developing and improving in trading.
You have given me another way to write the code even better and simpler than I had thought.
You have honored your name ... ZEN (simple) and ART
Really Thank you.....!!!
+1 Reply
@jmcc76, Thanks for the kind words man! I'm glad to be of service. Good luck with your trading and coding. Let me know if you have any other questions :)
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Click here for a version of this RVOL Script that calculates relative volume based on time of a moving average:

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hi there, quick question, does the rvol portion of this indicator work on a time of day average? Im looking for a simple rvol indicator that calculates based on specified average for time of day. Eg average volume for last x periods on 5 min chart at 9:35am is 100'000, today at 9:35 volume is at 200'000, so rvol is 2x. Hope you cane help!
+2 Reply
tb12345 tb12345
@tb12345, also thank you for putting this togetjer!
+1 Reply
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