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.
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).
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.
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:
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 firstname.lastname@example.org