(RVI) Relative Volume Index [PhenLabs]

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Relative Volume Index (RVI)
Version: PineScript™ v6

Description
The Relative Volume Index (RVI) is an advanced volume analysis tool designed to help traders identify and interpret significant volume patterns across all market conditions. Utilizing time-based comparisons and statistical overlays, the RVI provides real-time insights into relative volume fluctuations, enabling informed trading decisions.

Key Features
- Historical Volume Comparison: Evaluate current volume relative to historical averages.
- Dynamic Color Gradient Visualization: Quickly assess volume strength through a responsive visual gradient.
- Standard Deviation Bands: Highlight volatility and identify extreme volume conditions.
- Real-Time Statistics Panel: Monitor current RVI values, moving averages, and deviations.
- Custom Volume Threshold Alerts: Receive notifications for significant volume events.
- Moving Average Overlay: Smooth trend tracking for relative volume.
- Automatic Extreme Volume Labels: Identify unusually high or low volume bars.

Usage Guidelines
- Recommended for all markets with reliable volume data.
- Suitable for any timeframe where volume plays a critical role.
- Leverage the color gradient for quick volume strength assessment and deviation bands for spotting volatile periods.

Limitations
- Requires reliable volume data for optimal accuracy.
- Calculations are influenced by the chosen lookback period and market conditions during open hours.

Disclaimer
This indicator is a discretionary tool and does not constitute financial advice. Past performance is not indicative of future results. Use it in conjunction with a valid trading strategy and at your own risk.

For a detailed walkthrough of its settings and functionalities, refer to the instructional video here.