SCOTTGO - RVOL Bull/Bear Painter (Real-Time)

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SCOTTGO - RVOL Bull/Bear Painter (Real-Time Momentum Detection)

📌Overview
The RVOL Bull/Bear Painter is a Pine Script indicator designed to instantly highlight high-momentum candles driven by significant Relative Volume (RVOL).

It provides a clear visual signal (bar color, shape, and label) when a candle's volume exceeds its average by a user-defined threshold, confirming strong bullish or bearish interest in real-time. This helps traders quickly identify potential institutional accumulation/distribution or breakout/breakdown attempts.

✨ Key Features
Relative Volume (RVOL) Calculation: Automatically calculates the ratio of the current bar's volume to its moving average (SMA or EMA) over a customizable lookback period.

Momentum Confirmation: Paints the candle green (bullish) or red (bearish) only when both price direction and high RVOL criteria are met.

Real-Time Detection: Uses a plotshape method to display the signal triangle as soon as the RVOL and direction conditions are met on the currently forming candle, aiming for faster alerts than bar-close coloring.

Customizable Threshold: Easily adjust the RVOL multiplier (e.g., 1.5x, 2.0x, 3.0x) to filter out noise and only focus on truly significant volume events.

Labels and Alerts: Displays a volume multiplier label (e.g., BULL 2.55x) and includes pre-configured alert conditions for automated notifications.

🛠️ How to Use It
1. Identify High-Conviction Moves
Look for the painted candles and the corresponding labels. A candle painted green with a BULL label (e.g., BULL 2.5x) indicates that buyers stepped in with 2.5 times the typical volume to drive the price higher.

2. Configure Your Sensitivity
The power of the script lies in customizing the inputs:

RVOL Lookback Period: Determines the length of the volume moving average.

Shorter periods (e.g., 9-20) make the indicator more reactive to recent volume changes.

Longer periods (e.g., 50-200) require a much larger volume spike to trigger a signal.

RVOL Threshold: This is the multiplier.

Lower values (e.g., 1.5) will generate more signals.

Higher values (e.g., 3.0) will generate fewer, but generally higher-conviction, signals.

3. Set Up Alerts
Use the pre-configured alert conditions (Bullish RVOL Signal and Bearish RVOL Signal) in TradingView's alert menu. Crucially, set the alert frequency to "Once per bar" or "Once per minute" to receive notifications as soon as the high RVOL event occurs, without waiting for the bar to close.

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Note di rilascio

SCOTTGO - RVOL Trend Painter (High-Conviction Signals)
What It Does:
This indicator is a powerful filtering tool that finds high-probability trading setups by combining volume strength with trend confirmation.
It alerts you when a bullish or bearish candle appears with unusually high volume (Relative Volume or RVOL), but only if that action is happening in alignment with the established market trend.
Key Features for the User:
High-Conviction Signals: Filters out weak signals by requiring three confirmations:
Strong Volume: The candle's volume must be a set multiple (e.g., $2.0\text{x}$) of the recent average.
Clear Direction: The candle must close clearly Bullish (green) or Bearish (red).Trend Alignment: The price must be trading above (for Bullish signals) or below (for Bearish signals) two critical benchmarks: the VWAP (Volume-Weighted Average Price) and the 9 EMA (short-term momentum).Visual Clarity: Colors the entire bar and plots a clear triangle shape (up/down) directly on the chart to quickly identify the signal.
Real-Time Alerts: Provides customizable alerts for instant notification when a high-conviction setup appears on your monitored assets.
In Simple Terms:
It stops you from taking trades against the main trend by showing you where the "big money" (high volume) is flowing when the price is already in a favorable position.