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 v5 · On the chart
Relative Volume
Relative Volume calculates an exponential moving average and standard deviation of volume over a user-defined lookback period to identify statistical volume anomalies.
GitHub stars2on the repository
Pine versionv5runs as is
Lines of code28
Settings2inputs
LicenceMIT
Last update1 year ago10 Apr 2025
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 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
28 lines of Pine Script v5 from unusual-volume-overlay.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.
//@version=5
indicator("Relative Volume", shorttitle = "RLTV VOL", overlay = true)
volume_lookback = input.int(20, "Volume Lookback")
min_volume_threshold = input.int(1000, "Minimum Volume Threshold")
volume_avg = ta.ema(volume, volume_lookback)
volume_stdev = ta.stdev(volume, volume_lookback)
volume_diff = (volume - volume_avg)
volume_threshold = (1.0*volume_stdev)
unusual_volume = math.abs(volume_diff) > volume_threshold
extreme_volume = (math.abs(volume_diff) > 2.0*volume_stdev)
aboveVolume = volume_diff > volume_threshold
belowVolume = volume_diff < -volume_threshold
aboveMinimumThreshold = volume > min_volume_threshold
volume_transparency = aboveMinimumThreshold ? (extreme_volume ? 0 : 80) : 100
volume_signal_color = if aboveVolume
color.new(color.aqua, volume_transparency)
else if belowVolume
color.new(color.fuchsia, volume_transparency)
plotshape(unusual_volume,style=shape.circle,color=volume_signal_color, size = size.tiny, location = location.belowbar)
alertcondition(aboveMinimumThreshold and extreme_volume and aboveVolume, "Significant Volume Alert", "{{exchange}}:{{ticker}} volume of {{volume}} is 2 standard deviations above average.")
Overview
When volume exceeds standard deviation thresholds and meets a minimum volume level, the indicator plots colored circles below price bars on the main chart. Aqua circles represent high volume above average, while fuchsia circles indicate volume below average deviation. It includes configurable lookback and threshold settings alongside custom alert conditions.
- EMA and standard deviation volume anomaly detection
- Minimum absolute volume threshold filter
- Visual circle markers plotted below price bars
- Alert condition for significant volume spikes
Details
Published by
ryangaraygay on GitHub
Type
Indicator, Pine Script v5
Draws
On the price chart
Category
Volume
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Volume Lookback | int | 20 | volume_lookback |
| Minimum Volume Threshold | int | 1000 | min_volume_threshold |
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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