RVOL Relative Volume – Intraday (v5 with Zones)

RVOL Relative Volume – Intraday (v4)

Traffic light colour system allows Trade/No trade decision making at a glance!

Quickly spot the volume spikes that matter on your intraday charts

What it is
This indicator measures the current bar’s volume against its historical average for the same minute-of-day over the past N_ days. It helps you see at a glance whether today’s volume is below average, “cautionary,” or truly elevated—so you can focus only on the bars that matter for high-probability setups.

How it works

1.Historical buffer

Collects cumulative volume for each minute-of-day across the last N_ full trading days (plus the current session).

2.Relative Volume (rvol)

rvol = (volume so far this minute) / (average volume seen at this minute over prior N days).

3.Color coding

-Red (bar skipped) = rvol < 0.60 × average

-Yellow (caution) = 0.60 ≤ rvol < 1.25 × average

-Green (go) = rvol ≥ 1.25 × average

How to use

-Green bars are your actionable volume spikes—ideal for entries on breakouts, reversals, or key levels.

-Yellow bars flag mild pickup in activity—treat them as “watch and wait.”

-Red bars indicate low-interest periods; best to sit out until volume returns.

Inputs

Lookback Days (N) – how many prior full trading days to average (1–60).

DST Adjustment – ±1 if daylight-saving shift occurred last weekend (usually 0).

Display

Plots a histogram of rvol in its own pane.

Horizontal guides at 1.0× (average) and 2.0×.

Why it’s useful

Filters out noise during thin volume periods.

Highlights true “fuel injection” moments.

Works on any intraday timeframe (1 min–<1 day).