This indicator displays the pre-market volume (note: without the post-market of the previous day). Unusual pre-market volume often indicates that institutional market makers are moving the market, which is a good sign for unusual high price movement. The indicator helps me to spot stocks, if a pre-market gap is confirmed with enough (unusual) volume.
You can define, what "unusual" means by you, by adjusting the SMA length and the SMA multiplier. The default is a length of 21 bars and a 2.5 multiplier, meaning I'm interested in a stock, if the pre-market volume exceeds the average pre-market volume by 2.5 times.
How to use this?? What should I actually do to use it
Clansi
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@saurabh_009, as I wrote in the description, the indicator helps to select stocks which will probably move a lot on this day. The high pre-market volume shows that this stock is interesting today, because usually such high volume is generated by institutional market makers.
So this is not a buy / sell signal indicator. It just helps to pick the right stocks for intra-day trading.
You can use this together with pre-market / opening gaps. A gap with high pre-market volume is more reliable.
I'm using this to create my daily watch list and then I look for entry signals on these stocks.
vichethmeghdeep
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@Clansi, Dear Clansi Pls create the Stock screener for high premarket relative volume in tradingview or some watchlisted stocks to trade intraday trading,if the stock screener premarket relative volume in descending order,selection of stocks is easy intraday.Waiting for your reply.
Clansi
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@vichethmeghdeep, you can create the screeners (Top Losers and Top Gainers) easily by yourself, it just a few settings: Symbol Type: Common Stocks Exchange: NYS, ARCA, NASDAQ Market Capitalization 2B - > 2T Pre-market Close: Above 15 Pre-market Volume: 4K - > 50M
For Top Gainers: Pre-market Change %: Between 1 and 20
For Top Losers: Pre-market Change %: Between -20 and -1
Hi thank you for your info. May I ask how do you change the background colour at certain times of day?
PineCoders
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