TickSurfers RVOL

29 Jan

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RVOL (Relative Volume) is correctly measured by comparing the current volume to the average volume at the same time in previous days. This detail is usually overlooked in most other RVOL calculations that compare current volume with the average daily volume of the previous days, ignoring the time component.

This indicator gives you the option to compare either volume or cumulative volume at the same time in previous days. The lookback days is adjustable and so are the thresholds to color RVOL that is above average.

A few limitations:

• This formula is considered complex by TradingView and may timeout if it runs for too long. To fix this, consider one of the following options: a) shorten the number of `Calculated bars` in the settings b) shorten the lookback days, or c) switch the chart to a higher intraday timeframe.
  
• The volume presented by TradingView may not correspond to the volume in other exchanges. Some exchanges retroactively adjust the volume to better reflect the total volume for that day. As such, the RVOL value may not be accurate. To ensure an accurate reading of RVOL, it's best to have TradingView connected to your broker with live data. Alternatively, a data plan through TradingView may be considered.
  

30 Jan

Catatan Rilis

Optimized RVOL formula and updated to avoid time-out errors.

30 Jan

Catatan Rilis

Added additional setting for identifying lower than usual RVOL

10 Feb

Catatan Rilis

Added 4 modes of calculation to give more granularity to type of volume analysis desired.