Relative Volume Indicator (RVOL)

Relative Volume Indicator (RVOL) is a powerful tool designed for intraday traders who want to quickly identify key areas of interest based on relative volume activity.

This indicator compares the current candle’s volume with the historical average volume over a customizable lookback period (default is 20). It highlights when volume is:

🔴 Below average

🟡 Average

🟢 Above average

🟣 Extremely high

⚙️ Customizable Settings:
Lookback period for average volume

Volume thresholds (average, above average, extreme)

Custom colors for each volume zone

🎯 Best suited for:
Scalping strategies

Breakout confirmation

Volume-based entries at key support/resistance levels

Spotting unusual or algorithmic trading activity

📈 Works across all timeframes.
🎨 Fully customizable from the settings panel.
🔔 Alerts coming in future versions.