M.Right_Relative Volume and PVT (cc)

Dec 30, 2021

Hello Traders,

I hope you're all doing well and enjoying your holiday!

Today I am releasing a Relative Volume and Price Volume Trend indicator that will help traders assess current price action based on its volume and trend.

Volume is one of the most important aspects of trading that is often overlooked by new traders. Generally, when the volume is higher than normal, something is happening with said equity. Whether that's selling or buying volume it shows importance.
The higher the volume the higher the interest of traders in the equity, so a sudden increase in volume relative to its average volume (relative volume) can cause an increased probability that the price will move.

Relative volume is very self-explanatory , it’s the volume relative to its average. In this indicator, I use several different average calculations to give the trader a clear picture of where the volume stands and added a few different trends using these averages. One is a modified Price Volume Trend.

PVT or Price Volume Trend is a momentum-based indicator that measures money flow in relation to volume. It is usually used to confirm trends, but can be used as a trading signal; as I’ve created some in here. I didn’t added divergences, but using divergences in PVT is another strong way to use it. PVT tends to mirror the market price movements; hence, confirm trends.

You will find this indicator to be jam packed full of features.



-Fully customizable: colors, shapes, lines, on/off toggles for everything.

-Includes:
---Relative Volume Wave.
---Shadow Waves that can help with trend confirmation.
---Vibrant Relative Price Spike in the forefront.
---Additional Volume Trend on bottom of volume bars
---Stat box: showing the Current, Average, and Relative volume on the current user selected timeframe.
---Signals.
---Alerts: prefilled.

Enjoy!

Please add a thumbs up if you like this and follow the instructions for access.
Leave any other questions in the comments section.

Cheers,
Mike

Dec 31, 2021

Release Notes

• Scaling Fixed!
  
• More color options.
  
• Better PVT Fill options.
  

Dec 31, 2021

Release Notes

Additional scaling improvements.

Jan 4, 2022

Release Notes

• Added ability to adjust PVT scale manually.
  
• You can now move the Stats table to any position you'd like!
  

Jan 13, 2022

Release Notes

• Renamed to "Awesome Volume".
  
• Added ability to add to main chart with instructions.
  
• Added Time Relative Volume - RV at that time averaged out.
  
• A few more customization options: scaling, color, etc.
  
• Improved Buying volume signal.
  
• Added alert for T-RVOL.
  
  

Jan 13, 2022

Release Notes

• Removed T.Vol due to slow loading. Needs more work.
  

Jan 13, 2022

Release Notes

• Simplified all settings.
  
• Defaults as ready to go Lower indicator again.
  
• A few more adjustable settings (ie. RVOL Wave transparency and Volume Trend Scale)
  
• Added Optional Settings group.
  
• Adjusted a few calculations for accuracy.
  

**Don't forget to use the PVT and Volume Trend as a guide for where the chart may lead. Along with other indicators. Also, take note of PVT divergences, this will probably my next added as well as continuing to simplify the settings. Please feel free to drop a like, comment, follow, or DM! Also, I will be extending this script beta for another week or so. Thanks for testing it out!



Cheers,
Mike

Apr 12, 2022

Release Notes

• Updated Name
  
• Turning PVT off will now turn off signals
  
• Small Scaling adjustments which will later be fixed entirely.
  

Apr 15, 2022

Release Notes

• Further improvements to PVT scaling. Will eventually have to overhaul the calculations try to keep the PVT where it needs to be and scaled properly.
  

Jan 11

Release Notes

Update: 1.10.24:

• Defaults to just show the PVT Divergences without the PVT.
  
• Enhanced the Trend showing on bars (it's the amount of buy/sell)
  
• NEW! Stats table now includes Buy/Sell %
  
• NEW! ATR added to stats table with Bright colors for spikes/ATR violations.