PROTECTED SOURCE SCRIPT
RVOL - Relative Volume Intraday
RVOL – Relative Volume (Intraday)
RVOL – Relative Volume Intraday** measures how much volume is trading *right now* compared to the **historical average volume at the same time of day**, over a user-defined number of prior sessions.
This allows traders to identify **abnormal participation**, **institutional activity**, and **high-quality momentum conditions** in real time.
Unlike simple daily RVOL, this indicator is **time-normalized**, meaning a 10:15 AM bar is only compared against 10:15 AM volume from prior days—not full-day averages.
How It Works
* Tracks **cumulative intraday volume** minute-by-minute
* Builds a rolling historical baseline using the last *N* sessions (default: 10 days)
* Calculates RVOL as:
**Current cumulative volume ÷ Average cumulative volume at the same time**
* Automatically handles:
* Session resets
* Post-midnight trading
* Missing or partial historical data
The result is a **stable, low-noise intraday RVOL reading** suitable for scalping, momentum trading, and breakout analysis.
---
### Key Features
* **Intraday-only validation** (must be ≥1-minute and <1-day timeframe)
* **Configurable lookback period** (1–55 sessions)
* **Histogram visualization** for fast readability
* **Multi-tier color grading** based on RVOL intensity
* Optional **RVOL value labels** on bars
* Robust fallback logic to prevent distorted values from missing data
---
### Color Threshold System
The histogram color changes dynamically based on RVOL strength:
* **< 1.0** → Below average participation
* **1.0 – 2.0** → Slightly elevated volume
* **2.0 – 3.0** → Strong relative volume
* **3.0 – 5.0** → High participation
* **> 5.0** → Extreme / abnormal volume
All thresholds and colors are fully customizable.
---
Best Use Cases
* Opening drive and ORB confirmation
* Momentum breakouts and continuation trades
* Detecting early institutional interest
* Filtering low-quality setups during slow sessions
* Comparing volume quality across different days and symbols
---
Notes
* Designed for **intraday trading only**
* Best results on liquid stocks and ETFs
* Shorter lookback periods respond faster but may be noisier
* Longer lookbacks provide smoother baselines but reduce sensitivity
---
This indicator is optimized for traders who care about **when** volume enters the market—not just how much.
RVOL – Relative Volume Intraday** measures how much volume is trading *right now* compared to the **historical average volume at the same time of day**, over a user-defined number of prior sessions.
This allows traders to identify **abnormal participation**, **institutional activity**, and **high-quality momentum conditions** in real time.
Unlike simple daily RVOL, this indicator is **time-normalized**, meaning a 10:15 AM bar is only compared against 10:15 AM volume from prior days—not full-day averages.
How It Works
* Tracks **cumulative intraday volume** minute-by-minute
* Builds a rolling historical baseline using the last *N* sessions (default: 10 days)
* Calculates RVOL as:
**Current cumulative volume ÷ Average cumulative volume at the same time**
* Automatically handles:
* Session resets
* Post-midnight trading
* Missing or partial historical data
The result is a **stable, low-noise intraday RVOL reading** suitable for scalping, momentum trading, and breakout analysis.
---
### Key Features
* **Intraday-only validation** (must be ≥1-minute and <1-day timeframe)
* **Configurable lookback period** (1–55 sessions)
* **Histogram visualization** for fast readability
* **Multi-tier color grading** based on RVOL intensity
* Optional **RVOL value labels** on bars
* Robust fallback logic to prevent distorted values from missing data
---
### Color Threshold System
The histogram color changes dynamically based on RVOL strength:
* **< 1.0** → Below average participation
* **1.0 – 2.0** → Slightly elevated volume
* **2.0 – 3.0** → Strong relative volume
* **3.0 – 5.0** → High participation
* **> 5.0** → Extreme / abnormal volume
All thresholds and colors are fully customizable.
---
Best Use Cases
* Opening drive and ORB confirmation
* Momentum breakouts and continuation trades
* Detecting early institutional interest
* Filtering low-quality setups during slow sessions
* Comparing volume quality across different days and symbols
---
Notes
* Designed for **intraday trading only**
* Best results on liquid stocks and ETFs
* Shorter lookback periods respond faster but may be noisier
* Longer lookbacks provide smoother baselines but reduce sensitivity
---
This indicator is optimized for traders who care about **when** volume enters the market—not just how much.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – 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.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – 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.