Relative Volume (RVOL) — Indicator by FractalTrade_

Relative Volume is calculated by taking the ratio of current volume relative to a moving average of your choice. It gives you a quick way to see how much volume is involved in the current movement relative to a recent period.

Features:

-Customizable Moving Average: You can choose the period (default is 21) and type (SMA or EMA)
-Customizable base level: Default setting is 1.
-Smoothing option: Uses a Hull moving average to smooth out the RVOL area plot, by default its turned off.

Enjoy!

Release Notes:

Updated to Pine V5
Updated gradient Fill and RVOL line is now also gradient line.

@FractalTrade_

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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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