RVol by Time + DMI Indicator

*Available with the Plus or Premium subscription.
Description:
This indicator displays four volume types simultaneously, allowing for quick data extraction and analysis:

1. Current Volume: Shown as colored bars in a histogram.
2. Past Volume: Shown as monotone (gray by default) bars.
3. Relative Volume: Displayed as a moving average line representing the ratio of past to present volume.
4. Directional Relative Volume: Depicted as a Hull directional moving average.

The current volume overlays the past volume, allowing for an instant comparison of volume by time in columnar form. If needed, an optional cumulative calculation method is available, which accumulates volume from the beginning of the timeframe unit.

This indicator streamlines the process of data extraction for technical analysis, eliminating the need for extensive research. It provides a data window that shows a running count of past volume, current volume, and the 34 EMA (default, but adjustable).

The Directional Movement Index (DMI) is integrated into the indicator, with background color changes indicating bullish or bearish trend shifts. The Average Directional Index (ADX), a component of the DMI, defines the presence of a trend, and its threshold can be user-defined.

Unique Features:

• Data Window: Displays running counts of past, current, and 34 EMA (default, user-selectable) for instant analysis.
• Customizability: Each of the past, present, and directional relative volume indicators can be individually selected or hidden.
• Directional Relative Volume: A Hull moving average type that shows the price directional impact of the underlying volume quality.

Indicator Options:
Go to indicator settings under the “Input” tab section to customize colors, labels, styles, or show/hide.

Settings:
Use this section to adjust the following settings:

• Show/Hide Current volume columns
• Show/Hide Past volume columns
• Show/Hide Directional moving average
• Show/Hide Relative volume moving average (default: off).
• Calculation Mode:Select one of the indicator’s two calculation modes for current volume and past volume.
• Past Volume Lookback in TF Units: Specify the number of timeframe units used in the calculation of past volume.
• Define Timeframes Units Using: Choose the method to determine what constitutes one timeframe unit. Note that when using a fixed timeframe, it must be higher than the chart’s timeframe. Also, note that time of day timeframe units only work on intraday chart timeframes.
• Threshold Mode:
  

  ~ Fixed Value: Define the value using the “Fixed Threshold” field below. The default value is 2.0.
  ~ Standard Deviation Channel From Fixed Lookback: This is a channel calculated using the simple moving average of relative volume (not the Hull moving average used elsewhere in the indicator), plus/minus the standard deviation multiplied by a user-defined factor. The lookback used is the value of the “Channel Lookback” field. The default is 100.
  ~ High/Low Channel From Beginning of TF: The High/Low values start from the farthest point back where we are calculating past volume, which is determined by the combination of timeframe units and the “Past Volume Lookback in TF units” value.
  ~ High/Low Channel From Beginning of Past Volume Lookback: The High/Low values reset at the beginning of each timeframe unit.
  ~ High/Low Channel From Fixed Lookback: The lookback is fixed. Define the value using the “Channel Lookback” field. The default value is 100.
  ~ Period of RelVol Moving Average: Set the period of the Hull moving average used in the “Directional Relative Volume Average” and the “Relative Volume Average”.
  ~ High Volatility: Defined using fast and slow ATR periods, representing the volatility of price. Volatility is considered high when the fast ATR value is greater than its slow value. Volatility can be used as a filter in the column coloring conditions

Column Color Conditions

• Conditions: Eight different conditions can be turned on or off to determine the color of the volume columns. All “ON” conditions must be met to determine a high/low state of relative volume or, in the case of directional relative volume, a bull/bear state.
• Volatility State: Can also be used to filter the conditions.
• Neutral Color: Used when the coloring conditions and the filter do not determine a high/low state.
• Transitions: The transitions of the volume column colors determined by the coloring conditions are used to plot the up/down markers, which in turn control when alerts are triggered.

Colors

• Customization: Define your own colors for all of the oscillator’s plots.
• Default Colors: Designed to perform well on both light and dark chart backgrounds.

Usage Tips:

• Multiple Timeframes: Apply this indicator to various timeframes to observe pattern progressions, which can aid in making informed trading decisions.
• Risk Management: Employ proper risk management strategies to ensure long-term trading success.
• Experience: This indicator is designed to complement a trader’s intuition, which only develops through extensive screen time and trading experience.

*This script is free to use with plus or premium member access.

Disclaimer:
Achieving trading success hinges on adherence to your strategy, with indicators complementing rather than dictating trades. This script serves solely for informational and educational purposes and does not offer professional or financial advice. You assume full responsibility for evaluating the script output and its associated risks.

By utilizing the script, you agree to absolve StockWaver (TradingView user) of any liability for damages arising from decisions based on it. StockWaver is not affiliated with TradingView, Inc. Remember, experience and sound risk management are invaluable, and there’s no substitute for them, be it indicators or strategies. Thank you!