2. If the indicator spikes come in clusters, use the extreme close or open price of the bar corresponding to the last or next to last spike in cluster. Relative Volume is calculated by taking the ratio of current volume relative to a moving average of your choice. So what is relative volume? However, if the same stock has a RVOL of 0.5 and is trading at $10, it may be overvalued since it is trading at half its average volume and may be due for a price decrease. As a result, these events and new releases can impact the relative volume. RVOL is calculated by dividing the security's current volume by its 10-day average volume. Conversely, if a stock has a low RVOL, it can be because there is not much interest in the stock, or the price is stable. It is critical to experiment with various settings to determine what works best for you. Any help solving these issues, that have been there for years, would be greatly appreciated. How can I take that code and create a watchlist for RVOL? The unofficial subreddit for thinkorSwim. We get it. You could try to build what you are looking for using this as a template: Join 2,500+ subscribers inside the useThinkScript VIP Membership Club, VIP members get exclusive access to these proven and tested premium indicators: Buy the Dip, Advanced Market Moves 2.0, Take Profit, and Volatility Trading Range. Enter in any ticker ID's from charts you wish to scan in the settings. The ThinkOrSwim team seems to really care about what they do and I guess I'm just hoping that if this got enough attention, that it would appeal to their better nature. In the one 4-star review the user wishes that you could see past RVOL. Relative Volume or RVOL is an indicator used to help determine the amount of volume change over a given period of time. Likewise, if a stock's RVOL measures 0.50, it has half the RVOL of the prior 10-day average. Using MACD as a reference, the strategy identifies when the MACD line crosses over (a factor in a buy signal) and under (a factor in a Sell Standard candle pattern identifier like many already available, however this one allows to filter with ATR or RVOL to help remove false signals. Once you get it up and running it should look like this: Whatever one you use it is important that you don't make the mistake of comparing volumes at different times, for example you should keep it for the first hour at open on different days, and not first hour and last hour on different days. Why on earth would anyone compare volume at 2pm with volume at 10pmwhich is always triple average volume simply because it's the opening hour??? https://usethinkscript.com/threads/ator-watchlist-for-thinkorswim.1014/post-8511, https://usethinkscript.com/threads/gy-and-momentum-scanner-for-thinkorswim.3002/, https://www.smbtraining.com/blog/relative-volume-rvol-defined-and-how-we-use-it, https://usethinkscript.com/threads/unusual-volume-scanner-for-thinkorswim.247/#post-1477, Unusual Volume Moving Average Scan & Watchlist, scan for stocks with unusual buying volume, Unusual Volume Scan within last 10 bars rather than just current bar, Unusual Option Activity Scanner for ThinkorSwim, https://usethinkscript.com/threads/repainting-trend-reversal-for-thinkorswim.183/, https://usethinkscript.com/threads/buy-the-dip-indicator-for-thinkorswim.3553/, https://usethinkscript.com/threads/answers-to-commonly-asked-questions.6006/. For example, if it increases as prices rise, it may signify that the trend is gaining momentum and could continue. Of course, it is also important to consider other factors, such as recent news events or EPS results, fund ownership, or other factors. Increased volume can signify the start or end of a move. High RVOL is also associated with pump and dumps. The information and/or products contained on this video, page, channel, or website are provided 'as is' without warranty and are provided solely for entertainment purposes. Thinkorswim is owned by TD Ameritrade, which has recently been aquired by Charles Schwab. This is my first script that I will publish here. You can fully customize this indicator to your liking. Relative Volume (RVOL) measures the amount of trading activity in stock relative to its average activity level over a given period. 6.5K views 9 months ago Technical Indicators Relative Volume, often called RVOL, is an indicator that compares current trading volume to average volume over a given period. That is, they want to see the number of shares traded in the stock they're interested in to be at least 2.5 times the average number of shares traded over the past days. Relative Volume or RVOL is an indicator used to help determine the amount of volume change over a given period of time. Press J to jump to the feed. Conversely, relative volume depressed values happen when today's volume is subdued compared to recent activity. For example, if a stock has a high RVOL, there might be a heightened interest in the stock now or because the stock price is rapidly changing. If you are new, or just looking for guidance, here are some helpful links to get you started. Relative volume is one of the most important metrics to get an edge. It doesn't even need to be exact, just the most recent number (within 5 maybe 10 days) you can get for the lowest cost when they release. Description. The thread is constantly being updated right up to when this article was written on July 20th 2022 which is a good sign. This is because more investors are interested in buying the stock, and so there is more trading activity. I know you have short squeeze scanners, but I just want to know the SF% on stocks I might trade without having to look it up on finviz all the time or do some of the other crazy workarounds that other traders are doing online. It's important because it can give you clues about the level of interest in a particular stock and whether that interest is increasing or waning. With thousands of topics, tens of thousands of posts, our community has created an incredibly deep knowledge base for stock traders. Please let us know (share) the Zanger V Ratio once (if) you develop it. I've been scouring the internet for an RVOL (Relative Volume) indicator for Thinkorswim but can't find a free one. Our forum can be intimidating, if not overwhelming. Don't need the exact number, just 10.00M etc. Stock with a high relative volume is more likely to be bought and sold than a stock with a low relative volume. .. This strategy combines the use of MACD (12, 26, 9), RSI (14, 30, 70), and RVOL (14) to create Long Buy and Sell signals. This will then be displayed as a ratio so we can quickly see how active a stock is trading today in comparison to its average. RVOL Indicator ThinkScript help Welcome to futures io: the largest futures trading community on the planet, with well over 150,000 members Genuine reviews from real traders, not fake reviews from stealth vendors Quality education from leading professional traders We are a friendly, helpful, and positive community The second figure is the simple moving average (default to 20sma ) again in rupee crores. At the time of writing on July 19th 2022 there are 7 reviews with 6 of them being 5 stars and make it sound like the tool will change your life. We'll also provide some examples to help illustrate how relative volume works. In theory, Attributable Volume should better author: kurtsmock Others might include the RVOL ratio in the order montage or some other window with data. You can use relative volume to your advantage and make better stock trading selections with practice. While RVOL is not the only factor to consider when making investment decisions, it can be helpful in identifying stocks that are trading above or below their historical volume averages. General rule of thumb is the higher the RVOL, the more in play a stock is. Unlike many conventional support and resistance indicators, the Relative Volume StDev takes into account price-volume behavior in order to detect the supply and demand pools. I've been scouring the internet for an RVOL (Relative Volume) indicator for Thinkorswim but can't find a free one. A stock with a high relative volume is more likely to be bought and sold than a stock with a low relative volume. If a security with an RVOL ratio of 1.0 over a 10-day period suddenly increases to 2.0, it has twice the average volume, essentially. This simply means that often volume will increase before a significant Traders and investors who visit us every month, Top website in the world when it comes to all things investing, From 1M+ reviews. 2. Conversely, if RVOL decreases as prices fall, it could indicate that the trend is losing steam and may reverse. Both are built in. Hats off to you and your developers; seriously thank you! No one can ever exhaust every resource provided on our site. If you are an experienced coder then ny using any of the great scripts available on usethinkscript forum you can customize it exactly as you want. In general, however, a good rule of thumb is to look for stocks within the range of 500,000 - 1 million shares traded per day. Futures and futures options trading involves substantial risk and is not suitable for all investors. Think of it like an RSI but FAR superior! Please comment any suggestions, questions or requests. You and your wonderful developers are probably really busy, but myself, and thousands of other traders would really really appreciate some of these fields/indicators being added; particularly Float, SF%, and RVOL (you really have entire communities of people searching and coming up with workarounds about this and it's really frustrating). Since RVOL is a key indicator used by SMB members, does this indicator exist on ToS? Whether you choose to believe that it does or not is up to you. An increase in volume often leads to a rise in price, while a decrease in volume can signal a potential reversal. RVOL stands for Relative Volume, and it measures the number of shares that are traded in a given period of time. useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. It calculates relative volume (RVOL) based on the average volume by time of day (rather than a simple moving average). It's it trading less than 5 figures no one will probably ever want to trade it anyways. With practice, you'll be able to use RVOL to your advantage and make better decisions when trading stocks. This just means that they will have the ability to get in and out of a trade with ease if using large size/shares. So, while high relative volume can be a sign of a healthy company, it's important to do your research before investing. Because of that, I've continually tweaked it, improved it, added new features, and made it more efficient.So I thought it was about time to do a new video walking through all the features and functions of the indicator so that traders can see all the powerful functionality that I've built into it, that allow endless possibilities for customization and exploration of potential trading edges.There is SO MUCH potential here from what I've seen, that I simply don't have the time in my own life to explore every type of volume signal that can be found and traded using this indicator. If the indicator spike (i.e., indicator is above 2.0 or a custom value) corresponds to a price bar overlapping the previous one, the previous close can be used as the DPL value. Small gaps can be ignored: the author suggests using the previous close as the DPL value. Join 2,500+ subscribers inside the useThinkScript VIP Membership Club, VIP members get exclusive access to these proven and tested premium indicators: Buy the Dip, Advanced Market Moves 2.0, Take Profit, and Volatility Trading Range. If you are using the version from here then it is recommended you read this Twitter thread from the author as it gives tips on how best to use it. 30 Exchanges are a lot. This epic tool is our newest indicator and aims to identify areas of price that are exhausted. It is often used to help traders determine how in-play a ticker is. Better Volume Indicators for Thinkorswim By Pat / August 25, 2021 The default chart settings for Thinkorswim leave much to be desired when it comes to volume. BYBIT:BTCUSD Relative volume, or RVOL, is a technical analysis indicator that measures the magnitude of recent volume changes in relation to historical volume.This will give you a percentage that can be used as an indicator to help you make informed day trading decisions. This is another indicator that there are . RVOL / Relative Volume - I found a way to jam this in via ThinkScript, but this really should be a standard feature. If stock doesn't have a high RVOL, it is more than likely less liquid and therefore out of play for any momentum trading strategies. If those don't suit, try this: btw, I can't help with color on this one. It gives a measurement as to how active the product is being traded. So let's get started! As such, relative volume can be directly correlated to the potential trends in the market and help identify possible trends. I don't want another window open on my computer. useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. You can usually find this information on financial websites or through your broker. Spreads, Straddles, and other multiple-leg option orders placed online will incur $0.65 fees per contract on each leg. Example volume RSI or Volume or Customize indicator on top instead of lower. For this reason, relative volume can be used to identify momentum or potential trends in the market. So 400% RVol means, today's volume is 4x compared to avg volume for the length you selected. PHEMEX:BTCUSD JavaScript is disabled. Many are used to looking at numbers in lakhs and crores vs millions and billions, this provides a volume figure in rupee crores. If you can pleas post screenshot. The number of bars used in calculation of both the standard deviation and the simple moving average. My hope is that since there are a quite a few forums on these topics, individually, that maybe if enough people see and up vote this, between reddit and trading making headlines, maybe someday they'll see this and decide to see if they can add these basic features. Do they need some more powerful functionality that the other versions don't have? Short Float % - Don't need the exact number, just 00% or 00.00%. At the very least, if you are searching for momentum in the market, it will help guide you to the stocks making the biggest moves with the best liquidity.If you're looking to day trade stocks, be sure to account for volume fluctuations. Defines whether or not to display negative values of the indicator. FTX:ETHUSD there is a job opening on Upwork looking for someone to code. One method to add a Relative Volume/RVOL Indicator on Thinkorswim is to use the free indicators developed by Melvin E. Dickover. Get it here!https://easycators.com/relvolThe Thinkorswim Relative Volume chart indicator is the most important indicator that I use, and it's the one indicator I've created that I'm the most proud of.Over the years since I originally released RelVol, my own trading strategy has shifted, and so has my use of the indicator. This blog post will explain what relative volume is and how you can use it to improve your trading performance. The ratio of that 10-day period would be equal to 1.0. Keep an eye on the overall market trend and make sure your buy and sell orders are timed correctly in order to take advantage of price movements. One method to add a Relative Volume/RVOL Indicator on Thinkorswim is to use the free indicators developed by Melvin E. Dickover. After you've selected 'Edit Studies,' a new window will pop up on your screen. Relative volume is not just used by day traders, it can be helpful for any investor looking at their investments with different perspectives and metrics. For example, if a stock has a high relative volume, it may be because there is more interest in the stock, or because the price of the stock is changing rapidly. Never assume that a high RVOL automatically means a buy signal. The RVOL can be used to identify potential buying or selling opportunities, as well as to confirm price trends. indicators that help short term traders know if a stock is "In Play". Attributable Volume is calculated as: Total volume excluding the "counter wick" volume. Once you're in the Charts tab, you'll want to choose the 'Studies' drop-down menu and select 'Edit Studies.' Condensable Avg Volume - I know you have this, but can we shrink this down a bit? The forum users on usethinkscript came together to create this code. This tool is well known by many and without a doubt the most powerful volume analysis you can have. While this is generally seen as a good thing - after all, it usually means that the stock price is going up - it can also be a sign that the stock is overvalued and due for a correction. nice post and I second the plea to have thinkorswim get some new tools. Uncheck the switch box for exchanges you want unincluded With GME?AMC/TLRY etc being such a headliners, the fact you don't have this seems like a missed opportunity. The indicator can be used to identify stocks that are trading above or below their historical averages, which can be helpful in making trading or investment decisions. Or you can buy the paid version from scriptstotrade. Once you've found the 'Volume' category, you can then select the 'Relative Volume' study and hit 'Apply.' So, if a stock usually trades 100,000 shares a day and it's currently trading 250,000 shares a day, that's considered an interesting volume change and could be an indication that the stock is about to make a move. In the world of penny stocks and momentum stocks, traders often look for high relative volume to determine whether a stock is in play or not. I haven't tried this tool myself but I would like to hear more about the disadvantages of it. I found the similar one, Sizzle Index, but it seems to be applicable to the Options volume and not the Equity volume. The benefit of having a broker or chartin service do the calculation for you is that they typically update this in real-time as new volume metrics arrive throughout the trading day. Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses. INDEX:ETHUSD Your email address will not be published. For example, some charting software will show RVOL as a line graph, while others will display it as a histogram. In order to use RVOL effectively, you need to be aware of the different ways that it can be displayed. Description The Relative Volume StDev is a support-resistance technical indicator developed by Melvin E. Dickover. This is a Volume indicator that also shows Relative Volume at Time (RVOL). POLONIEX:BTCUSDT.