RVOL (Relative Volume) Scan Label Watchlist for ThinkorSwim

[useThinkScript]

How is this Rvol version different from Std variation that is stock in TOS platform or how different it calculates the Rvol?

The below code and the ToS standard deviation of volume to average volume ratio
RelativeVolumeStDev()
https://toslc.thinkorswim.com/cente...ators/studies-library/R-S/RelativeVolumeStDev
Both use the volume to average volume ratio (relative volume)

But the below code uses the higher timeframe (daily) average volume (which repaints on interday charts)
to calculate the volume to average volume ratio (relative volume)

#Relavitve Volume
# Code
def isRollover = GetYYYYMMDD() != GetYYYYMMDD()[1];
def beforeStart = GetTime() < RegularTradingStart(GetYYYYMMDD());
def vol = if isRollover and beforeStart then volume else if beforeStart then vol[1] + volume else Double.NaN;
def PMV = if IsNaN(vol) then PMV[1] else vol;
def AV = AggregationPeriod.DAY;
def x = Average(Volume(period=AV)[1],50);
def y1 = Round((PMV/x),2);
def L = Lg(y1);
def p = if L>=1 then 0 else if L>=0 then 1 else 2;
def y2 = Round(y1,p);
plot z = y2;
AssignBackgroundColor(if z > 11 then Color.Cyan
          else if z > 6 then Color.Green
          else if z > 4 then Color.LIME
          else if z > 3 then Color.Yellow
          else if z > 2 then Color.Pink
          else if z < 1 then Color.RED else Color.LIGHT_GRAY);
AddLabel(yes, AsText(z, NumberFormat.TWO_DECIMAL_PLACES) + "x", Color.Black);
#end Code

 

[jhilou]

Here is my MTF script, showing Bar and Day RVOL premarket, market and post market time frame

#AIJoe - 1/9/2026
# VS: Volume Spike
# Bar RV: White = normal, Gray = very low, Yellow = high ≥2.0 # Day RV: Gray = normal / low, Yellow = unusually high ≥2.0 # | Level | Interpretation | Actionable Note | #| --------- | -------------------------- | ---------------------------------- | #| ≥ 2.0 | Exceptional daily activity | Strong market attention / momentum | #| 1.5 – 2.0 | Above normal daily volume | Noticeable movement | #| 0.5 – 1.5 | Normal daily activity | Typical day | #| ≤ 0.5 | Very quiet day | Low interest, ignore |

 declare lower;

input length = 21;  # number of days for ADV
input highRVThreshold = 2.0;
input lowRVThreshold = 0.5;

# -----------------------------
# Intraday Bar RV
# -----------------------------
def vol = volume;
def barAvg = Average(vol, length);
def rVolBar = if barAvg > 0 then vol / barAvg else 0;
def isHighBar = rVolBar >= highRVThreshold;
def isLowBar  = rVolBar <= lowRVThreshold;

# -----------------------------
# Daily Volume / ADV / RV
# -----------------------------
# Use daily aggregation for ADV
def dailyVol = volume(period = AggregationPeriod.DAY);
def ADV = Average(dailyVol, length);

# Intraday cumulative volume
rec cumVolToday = if GetDay() != GetDay()[1] then vol else cumVolToday[1] + vol;

# Daily RV
def rVolDay = if ADV > 0 then cumVolToday / ADV else 0;
def isHighDay = rVolDay >= highRVThreshold;
def isLowDay  = rVolDay <= lowRVThreshold;

# -----------------------------
# Unusual Volume Spike
# -----------------------------
def volSpike = rVolBar >= highRVThreshold or rVolDay >= highRVThreshold;

# -----------------------------
# Color Bars
# -----------------------------
AssignPriceColor(
    if volSpike then Color.CYAN
    else if isHighBar then Color.YELLOW
    else if isLowBar then Color.GRAY
    else Color.WHITE
);

# -----------------------------
# Labels
# -----------------------------
AddLabel(
    yes,
    "Bar Vol: " + Round(vol / 1000000,2) + "M | Bar RV: " + Round(rVolBar*100,2),
    if isHighBar then Color.YELLOW else if isLowBar then Color.GRAY else Color.WHITE
);

AddLabel(
    yes,
    "Day Vol: " + Round(cumVolToday / 1000000,2) + "M | ADV: " + Round(ADV / 1000000,2) + "M | Day RV: " + Round(rVolDay,2),
    if isHighDay then Color.YELLOW else if isLowDay then Color.GRAY else Color.WHITE
);

# -----------------------------
# Chart Bubble for Spikes
# -----------------------------
AddChartBubble(volSpike and !volSpike[1], high, "VS", Color.CYAN, yes);