This volume analysis concept is very powerful, what is it about?
RVOL analyzes the volume of the current day and compares it with the average volume in the past days up to the same time as the current one.
If now is 11 am and your chart is 5d-5min, the indicator will review the volume for each of the previous days up to 11 am and take an average, then compare the current volume with this average and return a percentage. If this percentage is greater than 100%, it means that the current day is having a greater volume than the average of the last 5 days at the same time as the current one.
This information is very useful as you can identify how strong(volume) the stock is compared to the past.
- 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.