RVOL - Relative Volume Intraday

RVOL – Relative Volume (Intraday)

RVOL – Relative Volume Intraday** measures how much volume is trading *right now* compared to the **historical average volume at the same time of day**, over a user-defined number of prior sessions.
This allows traders to identify **abnormal participation**, **institutional activity**, and **high-quality momentum conditions** in real time.

Unlike simple daily RVOL, this indicator is **time-normalized**, meaning a 10:15 AM bar is only compared against 10:15 AM volume from prior days—not full-day averages.

How It Works
* Tracks **cumulative intraday volume** minute-by-minute
* Builds a rolling historical baseline using the last *N* sessions (default: 10 days)
* Calculates RVOL as:
**Current cumulative volume ÷ Average cumulative volume at the same time**
* Automatically handles:

* Session resets
* Post-midnight trading
* Missing or partial historical data

The result is a **stable, low-noise intraday RVOL reading** suitable for scalping, momentum trading, and breakout analysis.

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### Key Features

* **Intraday-only validation** (must be ≥1-minute and <1-day timeframe)
* **Configurable lookback period** (1–55 sessions)
* **Histogram visualization** for fast readability
* **Multi-tier color grading** based on RVOL intensity
* Optional **RVOL value labels** on bars
* Robust fallback logic to prevent distorted values from missing data

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### Color Threshold System

The histogram color changes dynamically based on RVOL strength:

* **< 1.0** → Below average participation
* **1.0 – 2.0** → Slightly elevated volume
* **2.0 – 3.0** → Strong relative volume
* **3.0 – 5.0** → High participation
* **> 5.0** → Extreme / abnormal volume

All thresholds and colors are fully customizable.

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Best Use Cases

* Opening drive and ORB confirmation
* Momentum breakouts and continuation trades
* Detecting early institutional interest
* Filtering low-quality setups during slow sessions
* Comparing volume quality across different days and symbols

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Notes

* Designed for **intraday trading only**
* Best results on liquid stocks and ETFs
* Shorter lookback periods respond faster but may be noisier
* Longer lookbacks provide smoother baselines but reduce sensitivity

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This indicator is optimized for traders who care about **when** volume enters the market—not just how much.