!RL_VOL – Intraday volume profile chart for Charts or RadarScreen

 

This is a volume analyzer for intraday accumulative volume so a trader can track how the current market volume is tracking against a set benchmark such as a 20 day average of the same volume symbol.  The indicator operates in two different modes.

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Volume during the day varies as the open tends to has a lot of volume with a slowdown in the afternoon and then a pick up of volume into the close.  This “S” curve profile repeats everyday and it makes it difficult to view volume intraday to get a feeling if volume is picking up or decreasing.

 

The chart above has two instances of the !RL_VOL indicator installed to operate on the $TVOL (NYSE volume) symbol in TradeStation.  The indicator includes two plot modes.  PlotMode 2 draws the targeted profile for visual reference on the chart along with the volume symbol, $TVOL in this case.  PlotMode 1 draws the histogram in a separate pane allowing a measurement in percentage terms. 

 

In the example given above one can see that the volume fell off pace from the 5 day average all afternoon starting at around 1pm and ending up about  -10.8% below the 5 day average. (-3.45% below the previous day).

 

 

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The format box for the indicator looks like this above where:

 

LenA: The moving average length to compare the volume to.

LenB: A second moving average length.  If you want just one make LenA = LenB.

PlotMode: 1 = Difference mode where a histogram at the lower part of the screen is drawn

PlotMode: 2 = Chart mode plots a profile on the price pane for visual comparison

ColorA = Color for the “A” profile

ColorB = Color for the “B” profile

Rev = Current Revision of the indicator

 

 

I have included this saved workspace which has the indicator setup with an example of different volume symbols.

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Installation/Download Instructions:

 

To see below this section you need to be a member of the website which is free.  Register in the box in the right hand margin:

 

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1st. Download and install the !RL_VOL indicator.

2nd Download and install the !RL_VOL worksheet.

 

 

You should be all set.  If you need more help contact me at indicators@redliontrader.com

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