Volume+ (RVOL/Alerts)

The Volume+ (RVOL/Alerts) indicator identifies significant volume spikes by coloring volume bars based on user-defined thresholds for relative volume, static volume amounts, and lookback periods.

Usage

The indicator can be used to filter for high-conviction market moves by highlighting volume that exceeds specific criteria. You can toggle one or multiple detection methods simultaneously:

• Relative Volume (RVOL): Identifies when the current volume is a certain multiple of its moving average.
• Static Volume: Triggers when volume exceeds a fixed numerical value.
• Lookback: Triggers when the current volume is the highest over a specified number of bars.

When any of the selected criteria are met, the volume bar changes color, providing a visual cue for institutional activity or climatic price action. You can also visualize the thresholds for each active detection method directly on the volume pane.

Details

The script calculates RVOL by dividing the current volume by a selected Moving Average (MA). Unlike standard volume tools, this indicator supports multiple MA types (EMA, SMA, HMA, WMA, DEMA) to allow for different smoothing sensitivities. The Lookback feature uses the ta.highest function to compare the current bar's volume against the preceding range, helping traders identify breakout volume relative to the recent past.

Settings

General Settings

• Lookback Period: Sets the number of bars to check for the highest volume value.
• MA Length: The window size for the moving average used in RVOL calculations.
• MA Type: Choose between EMA, SMA, HMA, WMA, or DEMA for volume smoothing.

Thresholds & Signals

• Volume to Trigger Signal: The static volume threshold required to trigger an alert.
• RVOL To Trigger Signal: The multiplier required (e.g., 2.5x the average) to trigger an alert.
• Use Static Volume For Alerts?: Enables detection based on the fixed volume amount.
• Use RVOL For Alerts?: Enables detection based on the relative volume calculation.
• Use Lookback For Alerts?: Enables detection based on the highest volume over the lookback period.

Visuals

• Draw RVOL Threshold?: Toggles the visibility of the calculated threshold lines.
• Draw MA?: Displays the volume moving average line on the chart.

FAQ

How do I interpret a colored volume bar? A colored bar indicates that at least one of your enabled criteria (RVOL, Static Volume, or Lookback) has been met, signaling higher-than-average participation.

Can I set up automated notifications? Yes, the script includes a built-in alert condition that triggers whenever a volume spike is detected based on your active settings.

How do I access Volume+ (RVOL/Alerts)? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.