Relative Volume multi-timeframe ( D, W, M)

Relative Volume (RVOL) measures how active the market is compared to its normal volume. This indicator calculates RVOL on a selectable higher timeframe (Daily / Weekly / Monthly) and plots it as a column histogram, with colors matched to candle direction (bull/bear) either from the source timeframe or from the current chart timeframe.

What it calculates

RVOL is computed as:

RVOL = Current Volume (TF) ÷ SMA(Volume (TF), Lookback)

Where:

TF is the selected source timeframe: D, W, or M

Lookback is the number of TF bars used to compute the SMA baseline (default 30)

Interpretation:

RVOL = 1.0 → volume is equal to the average volume over the lookback period

RVOL > 1.0 → above-average activity (more participation than normal)

RVOL < 1.0 → below-average activity (less participation than normal)

Multi-timeframe behavior

The indicator uses higher-timeframe volume data regardless of the chart timeframe:

If you are on an intraday chart and TF = Daily, RVOL represents today’s accumulated daily volume so far compared to the average daily volume over the lookback period.

On Daily charts with TF = Daily, each bar represents a full day, so RVOL is the cleanest “day vs average day” comparison.

Weekly/Monthly modes work similarly, comparing the current week/month’s volume (or volume so far) to the average of prior weeks/months.

No forward-looking data is used (lookahead off).

Column coloring (candle-matched)

You can choose how RVOL columns are colored:

1) Source timeframe (D/W/M)

Colors are based on the candle direction of the selected TF:

Bullish TF candle (Close > Open) → bull color

Bearish TF candle (Close < Open) → bear color

Doji/neutral → neutral color

2) Chart timeframe

Colors are based on the current chart candles (your active timeframe), using the same bull/bear/doji logic.

This makes it easy to visually connect “unusual volume” with “which side controlled the candle” on the timeframe you care about.

Threshold guide lines

Horizontal levels are included to classify volume intensity at a glance:

1.0 = average volume baseline

1.2 = early elevated activity

1.5 = clearly above average

2.0 = strong participation

3.0 = high momentum / “power” activity

5.0 = extreme / climax-level activity

These are guides, not signals. RVOL measures participation, not direction or trend by itself.

How to use it

Use RVOL to identify periods where volume is meaningfully above average:

Confirm breakouts, trend continuation, or major reaction candles with elevated RVOL

Spot low-interest environments where moves are more likely to fade (low RVOL)

Combine with price structure (levels, ranges, trend) to distinguish accumulation/distribution vs “noise”

Notes / limitations

On intraday charts with TF = Daily/Weekly/Monthly, the current TF bar may be in progress, so RVOL reflects volume accumulated so far versus the average baseline. This is expected behavior.

The indicator does not generate buy/sell signals; it provides volume context for your existing strategy.