Hello traders! This is my first script that I will publish here. This script calculates the relative volume based on the average volume at that time of the day across different brokers.
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some small bug fixes
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Bugs fixed for the smaller timeframes
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Color update
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Update visual example
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Update visual example
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Update visual example
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Make the script available for non forex pairs as well
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Small bug fix
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The indicator is no longer seen as a separate screen but you can add the volume to the chart itself now. Just make sure that you set the bottom margin as 0 in Settings / Appearance
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Relative Volume is one of the most important indicators and Traders should check it while trading/analyzing. it is used to identify whether the volume flows are increasing or decreasing. Relative volume measures current volume in relation to the "average" volume for this time of the day. And this indicator does this over 5 different forex brokers.
The common definition for real-time relative volume is: Current volume for that volume bar / Average volume bar on that moment. It does mean taking the volume (for example) from 10:30 am to 10:45 am and comparing it to what it does from 10:30 am to 10:45 am every day.
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Removed the Globalprime broker, and change it to Eightcap