veryfid

Relative Volume

Volume can be a very useful tool if used correctly. Relative volume is designed to filter out the noise and highlight anomalies assisting traders in tracking institutional movements. This tool can be used to identify stop loss hunters and organized dumps. It uses a variety of moving averages to hide usual activity and features an LSMA line to show trend. Trend columns are shown to highlight activity and can be seen at bottom of the volume columns, this is done using ZLSMA and LSMA .
The above chart shows an example of 2 indicators being used on the 15 min chart. The bottom indicator is set to the 1 min chart. Traders can see a large dump on the 1 min chart as institutions wipe out any tight stop losses. Next they buy back in scooping up all those long positions.
This is an example layout using a split screen setup and multiple timeframes ranging from 1 min to 30 mins. This gives a clear indication of trends and make it easy to pickup on institutional behaviour. Tip: Double clicking indicator background will maximize RVOL to the split screen window.
הערות שחרור: Added signals and alerts
-Signal for entry point
-Alert for when volume crosses defined amount.
-Alert for entry point

Entry point signals pick up great on the 1 second to 1 min charts.
הערות שחרור: Fixed entry signal and added price line
הערות שחרור: Added current bar volume. Can be turned off in settings.
הערות שחרור: Fixed problem with current bar volume number
הערות שחרור: Fixed rounding issue.
הערות שחרור: Ticker ID can now be turned on in settings for split screen setups.
הערות שחרור: The best volume indicator just got better!
It seems a lot of traders love the entry points... So I've made more entry points.
Entry points are LSMA breakouts, originally this was based on LSMA with a length of 50 (Now the LSMA is configurable in settings).
This indicator now picks up LSMA 21 and LSMA 6 breakouts too! What this means is that you will find more entry points on longer time frames.
For those that trade on 5min and less charts you might want to turn these off as they are not as strong signals as the LSMA 50.
Ive also added a traditional RVOL calculation that can be turned on in settings. This divides current volume over average volume. Amount of bars used to calculate average is set at 30 but can be changed in settings.

I should mention I now have a RVOL entry point screener indicator that scans 13 different stocks of your choice for entry points and gives you alerts. You can get it here:

Join me for free on Bybit with my referral link and we both get $20 (plus you get lots of extra bonuses in reward hub).
https://partner.bybit.com/b/veryfid
Happy Trading!
סקריפט קוד פתוח

ברוח TradingView אמיתית, מחבר סקריפט זה פרסם אותו עם קוד פתוח, כך שסוחרים יוכלו להבין ולאמת זאת. הידד למחבר! אתה יכול להשתמש בו בחינם, אך שימוש חוזר בקוד זה בפרסום הנו בכפוף ל כללי הבית . אתה יכול להגדירו כמועדף ולהשתמש בו בגרף.

רוצה להשתמש בסקריפ זה בגרף?

תגובות

How do you use this, any tutorial on how to understand it?
+2 השב
veryfid SYKZ01R
@SYKZ01R, Hi, there are plenty of tutorials on the youtubes. Personally I use it to track institutional movements. Good luck!
+1 השב
SYKZ01R veryfid
@veryfid, FosHo i checked now but did not find any viable material maybe you can DM me something? <3
+1 השב
SYKZ01R veryfid
@veryfid, Thanks for your time. <3
השב
veryfid SYKZ01R
@SYKZ01R, Hi sorry Ive been really busy lately and didn't get a chance to get back to you. Relative volume is all about finding anomalies. For example if everyday there is a volume of $1 million and then one day there is $70 million it usually reflects in price action. Traders can use this to jump in with the pump or dump.


If you see big red candles sticking out like this do not enter a long. When I see huge red volume candles I will enter a short with the institutions. Then when I see them buying back in at bottom I enter a long with them.

This indicator can be used on the 1 second chart for tracking whale activity such as dumps and stop loss hunting. For institutions to enter a long they must first go short to create the positions. This indicator does not display a rvol number but instead filters out all normal activity so you can see when things happen out of the ordinary. The first 2 google results explain rvol quite well: https://stockstotrade.com/relative-volume/ and https://www.warriortrading.com/relative-volume-day-trading-terminology/
Here are the first 3 google results for stop loss hunting: https://www.investopedia.com/terms/s/stophunting.asp and https://www.tradingwithrayner.com/stop-hunting/ and https://traders-paradise.com/magazine/2019/02/stop-losses-hunting/

Let me know if you need more info. Cheers.
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BullLover SYKZ01R
@SYKZ01R, I also have the same question. The author wasn't helpful at all :(
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veryfid BullLover
@BullLover, Hi please check the comment above, hope this helps.
השב
Very helpful..can you make it more useful buy plotting buy and sell arrow...thank 3
+1 השב
veryfid vinikumar72
@vinikumar72, Hi there is an entry point signal already. It is a yellow dot on top of indicator. It triggers more often on shorter timeframes like under 1 minute, it gives an entry on other timeframes but not so often. The signal does not know if it will go up or down, it only signals something is about to happen. Good luck.
+1 השב
Superb. Nice.thanks
+1 השב