OPEN-SOURCE SCRIPT
Volume Percentage
//version=5
indicator("Volume Percentage", overlay=false)
// Input for the length of the period to calculate average volume
length = input.int(20, title="Average Volume Length", minval=1)
// Calculate the average volume over the specified length
avg_volume = ta.sma(volume, length)
// Calculate the volume percentage
volume_percent = (volume / avg_volume) * 100
// Plot the volume percentage
plot(volume_percent, title="Volume %", color=color.blue, linewidth=2)
// Optional: Add a horizontal line for 100% (baseline)
hline(100, title="100% Baseline", color=color.gray, linestyle=hline.style_dotted)
// Display the volume percentage value on the chart
label_text = "Vol %: " + str.tostring(volume_percent, "#.##") + "%"
label.new(bar_index, volume_percent, label_text, style=label.style_label_down, color=color.blue, textcolor=color.white)
indicator("Volume Percentage", overlay=false)
// Input for the length of the period to calculate average volume
length = input.int(20, title="Average Volume Length", minval=1)
// Calculate the average volume over the specified length
avg_volume = ta.sma(volume, length)
// Calculate the volume percentage
volume_percent = (volume / avg_volume) * 100
// Plot the volume percentage
plot(volume_percent, title="Volume %", color=color.blue, linewidth=2)
// Optional: Add a horizontal line for 100% (baseline)
hline(100, title="100% Baseline", color=color.gray, linestyle=hline.style_dotted)
// Display the volume percentage value on the chart
label_text = "Vol %: " + str.tostring(volume_percent, "#.##") + "%"
label.new(bar_index, volume_percent, label_text, style=label.style_label_down, color=color.blue, textcolor=color.white)
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.