RVol based Support & Resistance Zones

The RVol based Support & Resistance Zones indicator identifies significant institutional price levels by monitoring relative volume (RVol) across multiple higher timeframes. By visualizing high-volume areas as zones of interest, traders can pinpoint institutional activity and potential support or resistance levels directly on their current chart.

Usage

The script allows traders to monitor up to two different higher timeframes simultaneously while trading on a lower timeframe. When a candle on the monitored timeframe exceeds a specific volume threshold, a zone is projected onto the chart.

• Bullish Zones: When an up-candle meets the volume criteria, a box is drawn from the candle's open to its low.
• Bearish Zones: When a down-candle meets the volume criteria, a box is drawn from the candle's open to its high.

A live dashboard provides real-time feedback on current volume, average volume, and the RVol percentage for each active timeframe, helping users stay informed about volume spikes as they occur.

Details

The indicator uses a Multi-Timeframe (MTF) approach to filter out market noise, focusing only on candles that represent significant participation. Two calculation modes are available:

• High RVol: Draws zones based on a percentage comparison between current volume and a Simple Moving Average (SMA) of volume over a user-defined length.
• Highest Volume: Focuses on the absolute highest volume candles within the session, regardless of a percentage threshold.

Users can also toggle between "Live" and "Candle Close" modes. Live mode provides an early warning by drawing the box as soon as the threshold is touched, whereas Candle Close ensures the volume spike is confirmed before the zone is finalized.

Settings

General Settings

• Zone Calculation Mode: Choose between "High RVol" (percentage-based) or "Highest Volume" (ranking-based).
• Relative Volume Length: Sets the lookback period for the volume moving average.
• Max Days Back to Draw: Limits the historical data processed to maintain chart clarity.
• Draw Mode: Select whether boxes appear in real-time or only after the candle closes.
• Session Data: Choose between Regular Trading Hours (RTH) or Extended Hours for calculations.

Timeframe Settings

• Enable Timeframe: Toggles the specific monitoring slot on or off.
• Timeframe: The higher interval to monitor (e.g., 30m, 1H, 4H).
• Max Boxes: Limits how many zones from this timeframe are displayed at once.
• Threshold %: The RVol multiplier required to trigger a zone (e.g., 200% means double the average volume).
• Colors: Customizable background and edge colors for visual differentiation between timeframes.

Table Settings

• Show Info Table: Toggles the visual dashboard.
• Text Size & Position: Adjusts the UI elements to fit your screen layout.

FAQ

How do I use the RVol based Support & Resistance Zones tool? Simply add it to your chart and select the two higher timeframes you wish to monitor. The indicator will automatically project zones from those timeframes onto your current view when institutional volume is detected.

Can I change how the zones are calculated? Yes, you can switch between "High RVol" for trend-based volume spikes and "Highest Volume" to focus on the peak participation bars of the day.

Where can I get access to this tool? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.