# Volume by Time

Volume by Time is an indicator on [Vela](https://vela.luxalgo.com/chart), our next-generation charting platform, written in Pine Script®.

Volume by Time averages volume by its time of day across sessions, the current bar included, and overlays the current session on that baseline: hollow bars for the historical norm, solid bars for today. Above-normal participation stands out the moment it prints, with average or median baselines and an optional up/down volume split for intraday traders.

- Indicator in the LuxAlgo Library, by LuxAlgo, published Sep 3, 2025.
- Access: free.
- Concepts: [Intraday Time-of-day Effects](https://www.luxalgo.com/library/concept/intraday-time-of-day-effects/) (primary), [Relative Volume](https://www.luxalgo.com/library/concept/relative-volume/)
- Open on Vela: https://vela.luxalgo.com/chart?pineScriptCodeId=cmpwn6z7o009uvhsgr0o9wpke
- Page: https://www.luxalgo.com/library/indicator/volume-by-time/

**Volume by Time** learns when your market is normally busy. Every bar's volume is stored against its exact time of day, and as sessions accumulate the indicator computes the typical participation for each slot: [time-of-day effects](https://www.luxalgo.com/library/concept/intraday-time-of-day-effects/) made visible. On the chart, hollow bars show the historical norm at every timestamp and solid bars show the current session, so unusual activity announces itself the moment it prints.

## How to Trade the Volume by Time?

- **Solid bar overtaking its hollow baseline**: participation running above normal for that time of day, elevated [relative volume](https://www.luxalgo.com/library/concept/relative-volume/) of the kind that accompanies breakouts and momentum.
- **Solid bars persistently under the baseline**: a quieter-than-usual session, where moves carry less conviction.
- **Bi-directional split**: separates upward from downward volume per slot, exposing which side is driving an anomaly.
- **Median baseline**: the robust choice when a few outlier days would otherwise distort the norm.

The indicator reports how many days feed the baseline; the count can vary slightly during a session as partial data rolls in, which is expected. A Length of 0 uses the full history for maximum context, while shorter windows keep the baseline tuned to recent behavior.

## Volume by Time Settings

- **Analysis Type** (default Average): Average smooths noise but follows outliers; Median resists one-off volume spikes.
- **Length (Days)**: how many past days build the baseline; 0 uses all available data.
- **Bi-Directional Toggle**: splits the histogram into upward and downward volume.

## Frequently Asked Questions

### Why not just use a volume moving average?

A fixed-length average blends quiet and busy hours into a single number, hiding the session's daily rhythm. Comparing each bar with the same time on prior days measures like against like. For a session-aware average line instead, see [Session Volume Moving Average](https://www.luxalgo.com/library/indicator/session-volume-moving-average/).

### Should I use Average or Median?

Average is the default and behaves well in steady conditions; Median holds its shape when a handful of extreme days would drag the average around. Switching between the two is a quick check on whether outliers are coloring your baseline.

### How do I access Volume by Time?

You can use it free through the LuxAlgo Library, and it also runs in Quant, our coding agent, launched right from this page. You can also copy the source code from this page and run it anywhere Pine Script® runs.

## Related indicators

- [Power Hour Trendlines](https://www.luxalgo.com/library/indicator/power-hour-trendlines/) (Intraday Time-of-day Effects): markdown at https://www.luxalgo.com/library/indicator/power-hour-trendlines.md
- [Power Hour Breakout Signals](https://www.luxalgo.com/library/indicator/power-hour-breakout-signals/) (Intraday Time-of-day Effects): markdown at https://www.luxalgo.com/library/indicator/power-hour-breakout-signals.md
- [Volume Forecasting](https://www.luxalgo.com/library/indicator/volume-forecasting/) (Intraday Time-of-day Effects): markdown at https://www.luxalgo.com/library/indicator/volume-forecasting.md
- [Volume Surprise](https://www.luxalgo.com/library/indicator/volume-surprise/) (Intraday Time-of-day Effects): markdown at https://www.luxalgo.com/library/indicator/volume-surprise.md
- [Periodic Activity Tracker](https://www.luxalgo.com/library/indicator/periodic-activity-tracker/) (Intraday Time-of-day Effects): markdown at https://www.luxalgo.com/library/indicator/periodic-activity-tracker.md
- [Peak Trading Activity Graphs](https://www.luxalgo.com/library/indicator/peak-trading-activity-graphs/) (Intraday Time-of-day Effects): markdown at https://www.luxalgo.com/library/indicator/peak-trading-activity-graphs.md
- [Session Volume Moving Average](https://www.luxalgo.com/library/indicator/session-volume-moving-average/) (Relative Volume): markdown at https://www.luxalgo.com/library/indicator/session-volume-moving-average.md
- [High/Low Location Frequency](https://www.luxalgo.com/library/indicator/high-low-location-frequency/) (Intraday Time-of-day Effects): markdown at https://www.luxalgo.com/library/indicator/high-low-location-frequency.md

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Source: https://www.luxalgo.com/library/indicator/volume-by-time/ (LuxAlgo Library). Free to use with attribution: https://www.luxalgo.com/library/license/