This enhanced volume indicator is a powerful tool for cryptocurrency and stock traders, offering advanced features like RVOL (Relative Volume) detection, volume spike alerts, and customizable thresholds.
Key Features
- Multi-Threshold Signals: Visual alerts when volume crosses user-defined levels.
- Flexible Alerts: Notifications for volume spikes, RVOL thresholds, or lookback highs.
- Customizable Moving Averages: Choose between EMA, SMA, HMA, WMA, or DEMA.
How the RVOL Indicator Works
The script calculates Relative Volume (RVOL) by comparing current volume to a moving average. When volume exceeds any of three configurable thresholds, the bar changes color (default: teal). Alerts can be triggered for:
- Static Volume (Blue line): Volume > fixed value.
- RVOL Threshold (Purple line): RVOL > (MA × multiplier).
- Lookback High (Red line): Volume > highest in X periods.
Configuration Settings
| Setting | Description |
|---------|-------------|
| MA Length | Period for volume moving average (default: 50). |
| MA Type | EMA/SMA/HMA/WMA/DEMA options. |
| Volume Trigger | Fixed volume value for alerts (default: 0). |
| RVOL Trigger | Multiplier for MA-based alerts (default: 2.5). |
| Lookback Period | Historical range for highs (default: 50 candles). |
Alert Options:
- Toggle alerts for volume, RVOL, or lookback highs.
- Enable/disable threshold lines on the chart.
Setting Up Alerts
Follow these steps in TradingView:
- Click the bell icon ("Alert") on the chart.
- Set conditions using
Volume Alert!as the title. - Customize the message (e.g., "RVOL signal for {{ticker}}").
👉 Learn advanced alert strategies
FAQ
What is RVOL?
Relative Volume compares current volume to its moving average, highlighting unusual activity.
Can I use this for day trading?
Yes! The indicator excels in spotting intraday volume surges common in crypto and stocks.
How do I adjust sensitivity?
Lower the RVOL Trigger value (e.g., 1.5) for more frequent signals.
Source Code
//@version=4
study(title="RVOL", overlay=false)
// Settings omitted for brevity (see original for full code). Last Updated: October 9, 2020