Calculates an Elastic Volume Weighted Moving Average (EVWMA), incorporating trading volume to dynamically adjust moving average responsiveness over a specified lookback length. It plots directly on the price chart as a single moving average line. Optional colo
Indicator · Pine Script v6 · On the chart
JoppanFX | Relative Volume (RVol) Deviations
This indicator compares current volume with a simple moving average of volume and marks bars whose volume exceeds that average by a chosen multiplier.
Repaints
GitHub stars4on the repository
Pine versionv6current
Lines of code72
Settings7inputs
LicenceNone stated
Last update3 weeks ago6 Oct 2026
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
JoppanFX | Relative Volume (RVol) Deviations colors those bars on the price chart as bullish, bearish, or doji according to the open and close, and optionally prints a label showing how many times average volume the bar reached. The lookback, multiplier, colors, label visibility, and ATR label offset are adjustable. It does not generate entries, exits, or risk rules, and classification can update while the current bar is still forming.
- SMA relative volume threshold
- High-volume bar coloring
- Bullish, bearish, and doji classification
- ATR-offset volume multiplier labels
- Chart background watermark
Details
Published by
joppanfx on GitHub
Type
Indicator, Pine Script v6
Draws
On the price chart
Category
Volume
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- Signals can change on the live bar or after it closes (repainting)
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Lookback Period | int | 60 | len |
| Volume Multiplier | float | 2.5 | mult |
| High Vol Bullish | color | color.new(#00ff08, 0) | bullColor |
| High Vol Bearish | color | color.new(#ff0055, 0) | bearColor |
| High Vol Doji (Neutral) | color | color.new(#ffffff, 0) | dojiColor |
| Show Volume Labels | bool | true | showLabels |
| Label ATR Offset (Multiplier) | float | 0.25 | labelOffset |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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