RVOL Color-Coded Volume

A custom indicator created by TrendSpider on TrendSpider. You can import this script into your TrendSpider account. Don't have TrendSpider? Create an account first, then import the script.

This indicator highlights volume bars in the lower panel based on Relative Volume (RVOL), allowing you to spot momentum shifts driven by volume spikes without cluttering the price chart.

How It Works:

Colors volume bars based on RVOL intensity, helping identify key volume-driven moves.

Customizable lookback period to adjust for market conditions.

Color Code:

Low RVOL (<1): Low volume, neutral market.

Moderate Bullish: Mild bullish volume.

High Bullish: Strong bullish momentum.

Extreme Bullish: High buying pressure.

Moderate Bearish: Mild bearish volume.

High Bearish: Strong selling volume.

Extreme Bearish: Intense selling pressure.

Source code

This indicator had been implemented by TrendSpider in JavaScript on TrendSpider. Check out the developer documentation to learn more about JS on TrendSpider.

describe_indicator('RVOL Color-Coded Volume', 'lower');

// Input parameters
const lookbackPeriod = input.number('RVOL Lookback Period', 20, { min: 5, max: 100 });
const moderateThreshold = input.number('Moderate RVOL Threshold', 1.0, { min: 0.5, max: 2.0, step: 0.1 });
const highThreshold = input.number('High RVOL Threshold', 2.0, { min: 1.0, max: 3.0, step: 0.1 });
const extremeThreshold = input.number('Extreme RVOL Threshold', 3.0, { min: 2.0, max: 5.0, step: 0.1 });

// Color inputs
const lowRvolColor = input.color('Low RVOL Color', '#808080'); // Neutral gray
const moderateBullishColor = input.color('Moderate Bullish RVOL Color', '#8fc9f9'); // Light blue
const highBullishColor = input.color('High Bullish RVOL Color', '#0da8f4'); // Bright blue
const extremeBullishColor = input.color('Extreme Bullish RVOL Color', '#00ffff'); // Cyan
const moderateBearishColor = input.color('Moderate Bearish RVOL Color', '#FF6666'); // Light red
const highBearishColor = input.color('High Bearish RVOL Color', '#FF0000'); // Bright red
const extremeBearishColor = input.color('Extreme Bearish RVOL Color', '#FF1493'); // Neon pink

// Calculate Volume Moving Average (VMA)
const myVma = sma(volume, lookbackPeriod);

// Calculate RVOL
const myRvol = div(volume, myVma);

// Function to determine volume color based on RVOL and price action
const getVolumeColor = (rvolValue, openPrice, closePrice) => {
    if (rvolValue < moderateThreshold) return lowRvolColor;
    if (closePrice > openPrice) { // Bullish
        if (rvolValue >= extremeThreshold) return extremeBullishColor;
        if (rvolValue >= highThreshold) return highBullishColor;
        return moderateBullishColor;
    } else if (closePrice < openPrice) { // Bearish
        if (rvolValue >= extremeThreshold) return extremeBearishColor;
        if (rvolValue >= highThreshold) return highBearishColor;
        return moderateBearishColor;
    }
    return lowRvolColor; // Neutral (close = open)
};

// Generate color series for volume
const myVolumeColors = for_every(myRvol, open, close, (_rvol, _open, _close) => 
    getVolumeColor(_rvol, _open, _close));

// Paint the volume with colors in a lower indicator
paint(volume, { style: 'column', color: myVolumeColors, name: 'Colored Volume' });

// Register signals for scanning and alerts
register_signal(for_every(myRvol, _r => _r >= moderateThreshold), 'Moderate RVOL');
register_signal(for_every(myRvol, _r => _r >= highThreshold), 'High RVOL');
register_signal(for_every(myRvol, _r => _r >= extremeThreshold), 'Extreme RVOL');

// Additional signals for bullish and bearish extreme RVOL
register_signal(
    for_every(myRvol, close, open, (_r, _c, _o) => _r >= extremeThreshold && _c > _o),
    'Extreme Bullish RVOL');
register_signal(
    for_every(myRvol, close, open, (_r, _c, _o) => _r >= extremeThreshold && _c < _o),
    'Extreme Bearish RVOL');