RVOL Color-Coded Volume

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RVOL Color-Coded Volume Indicator

This tool visualizes volume intensity through color-coded bars in a separate panel, making it easy to identify significant market moves driven by unusual volume.

Key Features:
- Displays volume bars with varying colors and intensities based on RVOL (Relative Volume)
- Shows a customizable moving average line for volume reference
- Includes alert conditions for different RVOL thresholds

Color System:
Blue shades (Bullish):
- Light: Normal volume (RVOL < 1)
- Medium: Above average volume
- Dark: Heavy buying volume
- Solid: Extreme volume surge

Pink shades (Bearish):
- Light: Normal volume (RVOL < 1)
- Medium: Increased selling
- Dark: Heavy selling
- Solid: Extreme selling pressure

Gray shades (Neutral):
- Used when opening and closing prices are equal
- Intensity varies with RVOL level

Additional Features:
- Dotted threshold lines for easy reference
- Background highlighting for extreme volume events
- Data window shows exact RVOL values
- Multiple alert conditions for volume thresholds

The indicator helps traders spot potential trend changes and momentum shifts by highlighting unusual volume patterns without interfering with price analysis.

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This indicator is a high-performance volume tool designed to highlight Smart Money participation. By using Relative Volume (RVOL), it separates significant trading anomalies from market "noise."

[h3]Key Features[/h3]

• Institutional Filtering: Low-volume bars are grayed out to help you ignore sideways price action and focus on high-conviction moves.
  
• Visual Intensity Scaling: Four levels of color-coded transparency instantly show the strength of a move (Moderate, High, and Extreme spikes).
  
• White-Theme Optimized: Uses a high-contrast Crimson and Emerald palette tailored specifically for light-mode charts.
  
• Clean Y-Axis Scaling: Automatically abbreviates large volume numbers (e.g., 1.4M instead of 1,400,000) for a professional UI.
  

[h3]How to Use[/h3]

• Breakouts: Look for solid, bright green bars to confirm institutional buying.
  
• Exhaustion: Extreme red bars often mark a selling climax or a potential trend reversal.
  
• Pullbacks: Faded gray bars during a price dip suggest a healthy trend with low selling pressure.
  

[h3]Settings[/h3]

• RVOL Lookback: Adjust the moving average period used to calculate "normal" volume.
  
• Thresholds: Fully customizable levels for Watch, Trade, and Anomaly volume spikes.
  
• MA Toggle: Show or hide the Volume Moving Average line for trend context.