RelativeVolume
Bar volume against the usual volume at the same clock minute.
For each bar, the indicator divides the bar's volume by the average volume of the last N bars at the same clock minute, N being lookback_days, so 2 means twice the usual volume for that minute of day. Each clock minute keeps its own history, and a bar joins that history only after its value is taken, so a bar never counts toward its own baseline.
How to read it
- Read the line in its own pane: 1 is normal for that minute of day, 2 is twice normal, 0.5 half.
- A minute needs at least one earlier day before it has a value, so the first day of a range is blank.
What it outputs
- Relative volume
- This bar's volume as a multiple of the average at the same clock minute.
Settings
- lookback_days
- How many earlier bars at the same clock minute form the average. Higher smooths the baseline and reacts less to one busy day; lower tracks recent days closely. The app draws no value at any setting, so the chart does not change.
Pitfalls
- It applies no threshold: compare it with a level, such as above 2, to make a signal.
- Extended-hours minutes are thin, so their ratios swing widely on small trades.
- Each clock minute is compared only with its own history, so a sustained surge shows as several high values in a row.