Relative Volume (Multi-TF, D, W, M)

Relative Volume (Multi-TF, Candle-Matched Colors)

This indicator measures Relative Volume (RVOL) — the ratio of current volume to average historical volume — across any higher timeframe (Daily, Weekly, or Monthly) and displays it as color-coded columns that match the candle colors of the chart you’re viewing.

RVOL reveals how active today’s market participation is compared to its typical rhythm.

RVOL = 1.0 → normal volume

>1.5 → rising interest

>2.0–3.0 → strong institutional participation

>5.0 → climax or exhaustion levels

Features

Works on any chart timeframe while computing RVOL from your chosen higher timeframe (e.g., show Daily RVOL while trading on a 5-minute chart).

Column colors automatically match your chart’s candle colors (green/red/neutral).

Adjustable lookback period (len) and selectable source timeframe (D, W, or M).

Pre-drawn horizontal guide levels at 1.0, 1.2, 1.5, 2, 3, and 5 for quick interpretation.

Compatible with all chart types, including Heikin Ashi or custom color schemes.

Typical Use

Swing trading:

Look for quiet bases where RVOL stays 0.4–0.9, then expansion ≥2 on breakout days.

Confirm follow-through when green days keep RVOL ≥1.2–1.5 and red pullbacks stay below 1.0.

Day trading:

Watch intraday RVOL (on 1–5m charts) for bursts ≥2 that sustain for several bars — this signals crowd engagement and valid momentum.

Interpretation Summary
RVOL Value Meaning Typical Action
0.4–0.9 Quiet base / low interest Watch for setup
1.0 Normal activity Neutral
1.2–1.5 Valid participation Early confirmation
2–3 Strong expansion Momentum / breakout
≥5 Climax / exhaustion Take profits or avoid new entries

Author’s note:
RVOL isn’t directional; it tells how many players are active, not who’s winning. Combine it with structure (levels, VWAP, or trend) to see when the market crowd truly commits.