RELATIVE VOLUME

Certainly! Here’s an improved version of the description that explains the meaning when the RVOL is above 1 and below:

Supercharge your stock analysis with our game-changing volume analysis concept: RVOL. This cutting-edge script empowers experts to uncover hidden market trends and seize profitable opportunities. Here’s how it works:

RVOL meticulously analyzes the volume of the current trading day and intelligently compares it with the average volume from previous days up to the same time. For instance, suppose it’s 11 am, and you’re viewing a 5-day, 5-minute interval chart. RVOL calculates the average volume up to 11 am for each preceding day and contrasts it with the current volume, generating a percentage.

When the resulting percentage exceeds 100%, it signifies that the current trading day exhibits higher volume than the average of the preceding 5 days at the same time. This invaluable information reveals the stock’s strength in relation to its past performance, helping experts make data-driven decisions.

When the RVOL is above 1, it indicates that the current trading day’s volume is higher than the average volume, suggesting increased market interest and potential price movements. Traders can interpret this as a potential signal for heightened market activity, indicating that the stock is attracting significant attention.

Conversely, when the RVOL is below 1, it suggests that the current trading day’s volume is lower than the average volume. This may indicate decreased market interest or quieter market conditions for the stock. Traders can consider this information when assessing the stock’s overall strength and potential trading opportunities.

Unlock the full potential of RVOL:

1. Identify Volume Surges: Spot stocks experiencing significantly higher-than-average trading volume, indicating increased market interest and potential price movements.

2. Confirm Breakouts: Validate breakout patterns by confirming the accompanying surge in volume, providing greater confidence in the reliability of the breakout.

3. Gauge Stock Strength: Assess the stock’s relative strength based on volume compared to its historical performance, enabling you to differentiate between genuinely strong stocks and temporary market noise.

4. Fine-tune Entries and Exits: Utilize RVOL as an additional confirmation tool alongside your existing strategies, improving the precision of your entry and exit points.

Please note that RVOL is designed for intraday trading, as it leverages real-time volume data. It supports various chart intervals, including 5d-5min, 1d-1min, and 180d-5min, giving you the flexibility to adapt it to your preferred trading style.

Don’t miss out on this indispensable tool favored by expert traders. Supercharge your stock market analysis with RVOL today and elevate your trading game to new heights.

NOTES:

• The indicator will review as far as the chart shows like 5d-5min or 1d-1min or 180d-5min.
• The indicator only works intraday , since the daily candlesticks do not show intraday information on the chart.