Kaspricci

Relative Volume Indicator

A simple indicator showing the relation of volume to highest volume for a define number of bars. Helps to differentiate periods of low and high volume.

  • Define the number of bars to find the highest volume used as a basis.
  • Apply a simple moving average to smoothen the volume. Set it to 1 to disable smoothing.
  • Define a threshold differentiating low and high volume.
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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