RVOL (Relative Volume) Indicator / Watchlist for ThinkorSwim?

A

anycolour

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Hey guys. I've been scouring the internet for an RVOL (Relative Volume) indicator for Thinkorswim but can't find a free one. Really need RVOL to be able to execute my trading plan.

I need something like what's posted in the attached image. If you do find one, I would need assistance installing it/setting it up as a watchlist as well.

Thanks a lot!

 
Z

zeek

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Have a look at this twitter post from a very good thinkscript coder. He has a lot of cool scripts including Volume Forecast.
May i ask how you are using the Rvol in your trading plan? What is it that you`re looking for with this indicator?
 
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MBF

MBF

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TOS has an RVOL, I use it on my watchlist, its under RelativeVolumeStDev. Try that.
 
BenTen

BenTen

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Here is the written code from the link @zeek provided:

Short version:

Code:
def rVol = volume / Average(volume, 21)[1];

AddLabel(yes, round(rVol,2));
#AddLabel(yes, asPercent(rVol));

AssignPriceColor(if rVol >= 1 then color.dark_red else if rVol <=.5 then Color.black else color.Gray);
Long version:

Code:
input length = 21;
input offset = 1;

def ADV = Average(volume, length)[offset];
def rVol = volume /ADV;

# remove "#" infront of Addlabels to select prefer choice

AddLabel(yes, round(rVol,2));
#AddLabel(yes, asPercent(rVol));

AssignPriceColor(if rVol >= 1 then color.dark_red else if rVol <=.5 then Color.black else color.Gray);
 
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A

anycolour

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Thank you BenTen. How can I take that code and create a watchlist for RVOL? Thank you. Btw that short version doesn't work. Says "Invalid statement: AddLabel at 3:1"

Btw, I don't like that the "Long" version changes the candlestick colors. Any way for it to not do that?

Colored candles

Normal candles (without Rvol)

 
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A

anycolour

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Hi Zeek. Thank you very much for your help! Exactly what I needed. I'll be using RVOL to trade stocks w/ very high RVOL (aggressive trades). Scoured his twitter but can't find the Volume Forecast indicator/study.
 
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BenTen

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@anycolour Any resources or example on how you would use the rVol indicator to trade?
 
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zeek

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Hi Zeek. Thank you very much for your help! Exactly what I needed. I'll be using RVOL to trade stocks w/ very high RVOL (aggressive trades). Scoured his twitter but can't find the Volume Forecast indicator/study.
He doesn’t share the VF indicator but gives some hints on how to build one.
 
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tomsk

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The study @BenTen posted on this thread used an AssignPriceColor() statement that would be applicable in charts
Here's a relative volume for the watchlist I have been using.
It is color coded so if the watchlist column is colored LIGHT_GREEN that flags a high relative volume day
Otherwise a PINK color on the watchlist column would indicate regular/moderate relative volume day

# START
plot c = Volume(period = AggregationPeriod.DAY) / Average(volume(period = AggregationPeriod.DAY), 20);
c.SetDefaultColor(Color.BLACK);
AssignBackgroundColor(if c > 5 then Color.LIGHT_GREEN else Color.PINK);
# END
 
A

anycolour

New member
The study @BenTen posted on this thread used an AssignPriceColor() statement that would be applicable in charts
Here's a relative volume for the watchlist I have been using.
It is color coded so if the watchlist column is colored LIGHT_GREEN that flags a high relative volume day
Otherwise a PINK color on the watchlist column would indicate regular/moderate relative volume day

# START
plot c = Volume(period = AggregationPeriod.DAY) / Average(volume(period = AggregationPeriod.DAY), 20);
c.SetDefaultColor(Color.BLACK);
AssignBackgroundColor(if c > 5 then Color.LIGHT_GREEN else Color.PINK);
# END
Thank you, I don't know anything about coding. Is this a standalone or how do I add it to the watchlist?! Also, what exactly would be the difference between using the Short vs Long version on a watchlist? Thanks I made it work, but the yellow color background makes the numbers unseeable.
 
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A

anycolour

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Ok, most important question (I think I've made it work). Look at my current watchlist. Look at the R-Vol values. Each of the is zero point something. That means that relative volume for that day was lower than for the RVOL given period (which is average daily volume over last 30 days?) correct?

So if I had a R-Vol value of 5, the relative volume for that day would be 5 times the average daily volume of that stock over a 30 day period?



Thanks
 
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tomsk

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@anycolour In the code I posted a value of 5 signifies the relative volume for that day is 5 times the average daily volume over a 20 day period
In your snapshot of AMD, ROKU, AMZN, etc it is < 1 meaning the volume was significantly lower than the 20 day average
 
D

DeusMecanicus

New member
@anycolour Any resources or example on how you would use the rVol indicator to trade?
Some ideas I have come across for using the RVOL indicator are using it to determine if the stock is even in play and how much to size your trade.

One of the indicators I have been interested in finding or developing in ToS is the Zanger Volume Ratio. It is similar to RVOL but tracks the increase/decrease of the volume throughout the time frame and also compares current volume to expected EOD volume.
 
BenTen

BenTen

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@DeusMecanicus Thank you. That was helpful!
 
A

anycolour

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Thank you Deus. Please let us know (share) the Zanger V Ratio once (if) you develop it. If you chose to share it freely. Thank you!

One more crucial thing, maybe someone knows and can help me on how to do it:



I want to create a scan condition where it only shows me stocks with an R-VOL of at least 2. How can I do this?

Thank you!
 
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MBF

MBF

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Some ideas I have come across for using the RVOL indicator are using it to determine if the stock is even in play and how much to size your trade.

One of the indicators I have been interested in finding or developing in ToS is the Zanger Volume Ratio. It is similar to RVOL but tracks the increase/decrease of the volume throughout the time frame and also compares current volume to expected EOD volume.
I like that Adam Grimes chimed in. I like that guy, A LOT!
 

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