RVOL Intraday Truth

RVOL Intraday Truth — Context-Aware Relative Volume for Intraday/Swing Trading

Overview:

RVOL Intraday Truth is an intraday decision-support indicator that identifies stocks showing abnormal participation early in the session, while filtering out late or noisy volume spikes.
It combines time-normalized Relative Volume (RVOL) with directional and structural context and presents all key metrics in a compact on-chart table.

The goal is not to generate frequent signals, but to highlight quality intraday momentum candidates with confirmation.

Core Concept (Originality & Usefulness):

Relative Volume alone often produces false positives when used without context.
This script integrates RVOL with time, trend, and structure filters so that volume expansion is evaluated only when it matters most intraday.

Below components are designed to work together:
RVOL measures participation, EMA distance and PDH provide directional bias, Strong Start logic enforces early-session validity, Alerts and BUY line trigger only when confluence exists

This makes the script more actionable than running multiple indicators separately.

How It Works (Conceptual Explanation):

Relative Volume (RVOL):
RVOL compares the current session’s cumulative volume at the same time-of-day
Against the average cumulative volume of the last N trading days
Volume resets automatically on each new session
Calculation is replay-safe.

Strong Start (SS):
A stock is marked as Strong Start (SS) if:
At the configured start time (default 09:18 IST),
Price is above the prior day’s VAH, and
After that point, price never dips back below VAH
This ensures that RVOL expansion occurs with acceptance above prior value, not rejection.

Structural & Trend Context:
PDH (Previous Day High): confirms continuation above prior resistance
Daily EMA10 / EMA20 distance: shows whether volume expansion aligns with short-term trend
These filters help distinguish momentum participation from random volume spikes

BUY Line Logic (Intraday Only):
Can trigger only within the first N minutes from market open (09:15 IST)
One BUY signal per day
BUY level is set at the trigger bar’s high
If SS is enabled, BUY requires price to remain above prior VAH

This enforces disciplined early-session breakouts only.

Table Output:
The on-chart table provides a quick decision snapshot, including:
RVOL %
% Change Day / % Change Open
Turnover (₹ Cr)
Distance from Daily EMA10 / EMA20
Strong Start (SS) and PDH flags
The table is dynamic and adapts to user-selected columns.

Alerts (Intraday Only):
Alerts operate only on intraday charts
Start-time alert triggers once when RVOL meets R1%
In-window alerts can fire between Start and End when RVOL meets R2%
If SS is enabled, alerts require SS to be true

Higher Timeframe Behavior (Daily / HTF) :
On Daily and higher timeframes:
RVOL% is computed using daily average volume
% Change, EMA distances, and Turnover remain valid
SS, BUY, and alerts are automatically disabled
This prevents misuse outside the intended intraday context.


How to Use:
Designed for intraday charts
Best suited for liquid stocks
Focus on symbols showing high RVOL + SS + PDH alignment
Intended as a decision-support tool, not a standalone trading system


Limitations:
Volume distribution is bar-based, not tick-based
Illiquid stocks may show distorted VAH readings