here is the basis of a high relative volume/rvol scanner. "Evidence-Based Support & Resistance" by Melvin E. Dickover. Example volume RSI or Volume or Customize indicator on top instead of lower. Relative Volume Indicator for TD Ameritrade Thinkorswim - Update 2.6 Easycators 7.6K subscribers Subscribe 24K views 3 years ago Get it here! The RVOL is easily visible as a background color, that changes between Low and High RVOL colors. If you're a day trader, you understand how critical it is to access trustworthy information that allows you to make quick, informed judgments. This blog post will explain what relative volume is and how you can use it to improve your trading performance. Relative Volume or RVOL is an indicator used to help determine the amount of volume change over a given period of time. https://usethinkscript.com/threads/tor-watchlist-for-thinkorswim.1014/#post-8511, https://usethinkscript.com/threads/looking-for-relative-volume-for-a-watchlist-column.254/, Further modify relative volume indicator to segment the volume bars with horizontal lines that show the size of the trades in T&S, 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/. 2. If you can pleas post screenshot. 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. Thanks in advance! Please comment any suggestions, questions or requests. Since RVOL is a key indicator used by SMB members, does this indicator exist on ToS? This just means that they will have the ability to get in and out of a trade with ease if using large size/shares. RVOL indicator compares current volume levels to past levels, providing insight into whether a stock is being heavily traded or not. Short Float % - Don't need the exact number, just 00% or 00.00%. Relative Volume is calculated by taking the ratio of current volume relative to a moving average of your choice. A good sign is that they have updated the indicator since launching itand it has a "Last Gap Up Rvol" feature so that you can see what the volume was on the last gap up day compared to todays gap up at the current time. If the indicator spike corresponds to a price bar gapping from the previous bar, the DPL value will depend on the gap size. Traders of all skill levels use our forums to learn about scripting and indicators, help each other, and discover new ways to gain an edge in the markets. __CONFIG_colors_palette__{"active_palette":0,"config":{"colors":{"f3080":{"name":"Main Accent","parent":-1},"f2bba":{"name":"Main Light 10","parent":"f3080"},"trewq":{"name":"Main Light 30","parent":"f3080"},"poiuy":{"name":"Main Light 80","parent":"f3080"},"f83d7":{"name":"Main Light 80","parent":"f3080"},"frty6":{"name":"Main Light 45","parent":"f3080"},"flktr":{"name":"Main Light 80","parent":"f3080"}},"gradients":[]},"palettes":[{"name":"Default","value":{"colors":{"f3080":{"val":"var(--tcb-skin-color-0)"},"f2bba":{"val":"rgba(0,32,240,0.5) ","hsl_parent_dependency":{"h":232,"l":0.47,"s":1.98}},"trewq":{"val":"rgba(0,32,240,0.7) ","hsl_parent_dependency":{"h":232,"l":0.47,"s":1.98}},"poiuy":{"val":"rgba(0,32,240,0.35) ","hsl_parent_dependency":{"h":232,"l":0.47,"s":1.98}},"f83d7":{"val":"rgba(0,32,240,0.4) ","hsl_parent_dependency":{"h":232,"l":0.47,"s":1.98}},"frty6":{"val":"rgba(0,32,240,0.2) ","hsl_parent_dependency":{"h":232,"l":0.47,"s":1.98}},"flktr":{"val":"rgba(0,32,240,0.8) ","hsl_parent_dependency":{"h":232,"l":0.47,"s":1.98}}},"gradients":[]},"original":{"colors":{"f3080":{"val":"rgb(23, 23, 22)","hsl":{"h":60,"s":0.02,"l":0.09}},"f2bba":{"val":"rgba(23, 23, 22, 0.5)","hsl_parent_dependency":{"h":60,"s":0.02,"l":0.09,"a":0.5}},"trewq":{"val":"rgba(23, 23, 22, 0.7)","hsl_parent_dependency":{"h":60,"s":0.02,"l":0.09,"a":0.7}},"poiuy":{"val":"rgba(23, 23, 22, 0.35)","hsl_parent_dependency":{"h":60,"s":0.02,"l":0.09,"a":0.35}},"f83d7":{"val":"rgba(23, 23, 22, 0.4)","hsl_parent_dependency":{"h":60,"s":0.02,"l":0.09,"a":0.4}},"frty6":{"val":"rgba(23, 23, 22, 0.2)","hsl_parent_dependency":{"h":60,"s":0.02,"l":0.09,"a":0.2}},"flktr":{"val":"rgba(23, 23, 22, 0.8)","hsl_parent_dependency":{"h":60,"s":0.02,"l":0.09,"a":0.8}}},"gradients":[]}}]}__CONFIG_colors_palette__, {"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}, __CONFIG_colors_palette__{"active_palette":0,"config":{"colors":{"f3080":{"name":"Main Accent","parent":-1},"f2bba":{"name":"Main Light 10","parent":"f3080"},"trewq":{"name":"Main Light 30","parent":"f3080"},"poiuy":{"name":"Main Light 80","parent":"f3080"},"f83d7":{"name":"Main Light 80","parent":"f3080"},"frty6":{"name":"Main Light 45","parent":"f3080"},"flktr":{"name":"Main Light 80","parent":"f3080"}},"gradients":[]},"palettes":[{"name":"Default","value":{"colors":{"f3080":{"val":"rgba(23, 23, 22, 0.7)"},"f2bba":{"val":"rgba(23, 23, 22, 0.5)","hsl_parent_dependency":{"h":60,"l":0.09,"s":0.02}},"trewq":{"val":"rgba(23, 23, 22, 0.7)","hsl_parent_dependency":{"h":60,"l":0.09,"s":0.02}},"poiuy":{"val":"rgba(23, 23, 22, 0.35)","hsl_parent_dependency":{"h":60,"l":0.09,"s":0.02}},"f83d7":{"val":"rgba(23, 23, 22, 0.4)","hsl_parent_dependency":{"h":60,"l":0.09,"s":0.02}},"frty6":{"val":"rgba(23, 23, 22, 0.2)","hsl_parent_dependency":{"h":60,"l":0.09,"s":0.02}},"flktr":{"val":"rgba(23, 23, 22, 0.8)","hsl_parent_dependency":{"h":60,"l":0.09,"s":0.02}}},"gradients":[]},"original":{"colors":{"f3080":{"val":"rgb(23, 23, 22)","hsl":{"h":60,"s":0.02,"l":0.09}},"f2bba":{"val":"rgba(23, 23, 22, 0.5)","hsl_parent_dependency":{"h":60,"s":0.02,"l":0.09,"a":0.5}},"trewq":{"val":"rgba(23, 23, 22, 0.7)","hsl_parent_dependency":{"h":60,"s":0.02,"l":0.09,"a":0.7}},"poiuy":{"val":"rgba(23, 23, 22, 0.35)","hsl_parent_dependency":{"h":60,"s":0.02,"l":0.09,"a":0.35}},"f83d7":{"val":"rgba(23, 23, 22, 0.4)","hsl_parent_dependency":{"h":60,"s":0.02,"l":0.09,"a":0.4}},"frty6":{"val":"rgba(23, 23, 22, 0.2)","hsl_parent_dependency":{"h":60,"s":0.02,"l":0.09,"a":0.2}},"flktr":{"val":"rgba(23, 23, 22, 0.8)","hsl_parent_dependency":{"h":60,"s":0.02,"l":0.09,"a":0.8}}},"gradients":[]}}]}__CONFIG_colors_palette__, A Guide to Relative Volume/RVOL Indicator on Thinkorswim, a Relative Volume/RVOL indicator on Thinkorswim. As day traders you will have a slew of data to Table of Contents How to calculate the number of trading days in a year Number of Trading Days in 2014 How Many Days Can you Actually Trade Per Year? The RVOL indicator is calculated in a relatively simple way. Relative Volume can be a leading indicator for predicting future price movements. Click add alert button at top toolbar. 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. What Is Relative Volume? The Relative Volume (RVOL) Intraday script shows the current relative volume for a stock up the minute on an intraday basis compared to the last 5 days. Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses. Some traders believe that a stock needs at least a 2.0 RVOL, or 100% increase in relative volume to be considered as a stock "in play" for that day. This strategy combines the use of MACD (12, 26, 9), RSI (14, 30, 70), and RVOL (14) to create Long Buy and Sell signals. The indicator can identify stocks trading above or below their historical averages, which can help make trading or investment decisions. In addition, VIP members get access to over 50 VIP-only custom indicators, add-ons, and strategies, private VIP-only forums, private Discord channel to discuss trades and strategies in real-time, customer support, trade alerts, and much more. Please read theRisk Disclosure Statementprior to trading futures products. Open Settings *Disclaimer* It's ridiculous to me and so many others. Your email address will not be published. addlabel (yes, "RVOL " + Round(c), color.orange); . It's it trading less than 5 figures no one will probably ever want to trade it anyways. This is displayed in the form of a ratio; which means that if the trader spots a volume of 4. RVOL, or Relative Volume, is a technical indicator that measures the average volume of a security over a specific period of time, usually 10 days. Description The Relative Volume StDev is a support-resistance technical indicator developed by Melvin E. Dickover. Relative Volume is a trading indicator primarily used by day traders that compares the current trading volume relative to the usual trading volume in the past. If you want to implement a Relative Volume/RVOL indicator on Thinkorswim we will show you the best options available to you, there are a couple of free options plus a ready-made paid version. These events and other news releases can spur trader activity to increase, which will impact the relative volume of a stock. Enter in any ticker ID's from charts you wish to scan in the settings. What are Good, and Bad, Questions to Ask When Buying a Business. FTX:BTCUSD Forex accounts are not available to residents of Ohio or Arizona. General rule of thumb is the higher the RVOL, the more in play a stock is. An increase in volume often leads to a rise in price, while a decrease in volume can signal a potential reversal. The Relative Volume StDev is a support-resistance technical indicator developed by Melvin E. Dickover. I've been scouring the internet for an RVOL (Relative Volume) indicator for Thinkorswim but can't find a free one. RVOL one of those basic, but very important, indicators that help short term traders know if a stock is "In Play". How can I take that code and create a watchlist for RVOL? What is Custom Expression Subscription Limit Exceeded on Thinkorswim? Other traders may find that as long as a stock has elevated RVOL, it is a sign that there is plenty of liquidity for trades in the event that a setup occurs intraday. Hi, I would like to ask if there is any study for relative volume on intraday time frames, actual volume done by that time of the day compared to average volume done by that time of day? I have other query: Is it possible to show the indicator top of the chart instead of lower. 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. This is included on Thinkorswim itself. You have to compare apples to apples. We get it. Anyone who's interested in stocks has probably heard the term "volume" before. Defines whether or not to display negative values of the indicator. When you're trying to find the relative volume in thinkorswim, there are a few different steps that you'll need to follow. 7.31K subscribers Download here: https://easycators.com/thinkscript/re. I feel like if you have entire communities of online users discussing a ton of workarounds, just to get this info, it's pretty clear you should just add this in as a field. TD Ameritrade, Inc., memberFINRA/SIPC, a subsidiary of The Charles Schwab Corporation. RVOL / Relative Volume - I found a way to jam this in via ThinkScript, but this really should be a standard feature. -- IMPORTANT NOTE: -- TD Ameritrade does not make recommendations or determine the suitability of any security, strategy or course of action for you through your use of our trading tools. This script calculates the relative volume based on the average volume at that time of the day across different brokers. We first introduced our ThinkOrSwim volume data Thinkscript back in March of 2019, and since then it has seen over 10,000 downloads from active traders. With that said, I have searched high and low, for years, and I can't seem to find any of the following fields / indicators (to add to a watchlist in TOS) and am finally just going to reach out directly. 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??? More trades mean more shares changing hands, and as a result, the relative volume of the stock increases. I wasn't going to opensource it. If you're a day trader, then you know how important it is to have access to reliable information that can help you make quick, informed decisions. Likewise, if a stock's RVOL measures 0.50, it has half the RVOL of the prior 10-day average. Please read the NFA bookletTrading Forex: What Investors Need to Knowprior to trading forex products. The metric volume reflects the number of shares traded of a specific stock. Also, what exactly would be the difference between using the Short vs Long version on a watchlist? Additionally, stocks with higher volume tend to be less volatile, making them ideal for investors who are looking for stability. I have simply cobbled it together and added the filters. Uncheck the switch box for exchanges you want unincluded BYBIT:BTCUSD 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). 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. Your email address will not be published. 30 Exchanges are a lot. 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. RVOL / Relative Volume - I found a way to jam this in via ThinkScript, but this really should be a standard feature. 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. RVOL, or Relative Volume, is a technical indicator that measures the average volume of a security over a specific period of time, usually 10 days.