Just a quick update to let everyone know that the current version of the Relative Volume indicator now comes with my latest implementation of “Zanger Volume”. This concept is used by Dan Zanger, and the idea is that you can look at the current intraday cumulative volume at any particular time of day, and compare that to the average cumulative volume that has usually traded by that time of day in the past. I’ve had several requests for this indicator in the past so I finally decided to put in some effort and finish the version I started years ago. Here’s what it looks like:
Prior RelVol purchasers can get free access to this bonus when you log into the My Account / Orders / View Order Details area of the site.
New customers can get the whole RelVol package with the Zanger Volume bonus here:
Relative Volume Gradient Paintbars for Thinkorswim [VIDEO]
Relative Volume Gradient Paintbars Study for Thinkorswim
Today I’m releasing an overhaul of the Relative Volume indicator for Thinkorswim that I’ve been working on for awhile. This is one of my favorite thinkscript studies and I’ve been experimenting with it in my own trading for awhile, so I wanted to go ahead and get the update released on the site and see if it can add some value for my fellow traders.
Like all of our upgrades, they’re completely free to prior purchasers, just go to the My Account > Orders > View Order Details area of the site and the new links should be posted there for you to install.
Relative Volume Gradient Paintbars to highlight the highest relative volume bars!
4 custom coloration thresholds
Different color scheme for up bars vs. down bars
MA-based relative volume for tick charts, also with gradient paintbars!
Combined tick volume / trade volume in the same indicator, just switch the mode in settings. Simply add 2 instances if you want both relative tick count & share count on the same chart!
Combined long term studies into 1 study with custom period reset (12 for monthly charts, 52 for weekly charts, 252 for daily charts).
Added a TIME BASED relative volume QUOTE COLUMN so you can see when a stock in your watchlist has surging volume on whatever INTRADAY timeframe you want (5 minute, hourly, etc).
Added a MA BASED relative volume QUOTE COLUMN so you can see when a stock in your watchlist has surging volume on ANY timeframe you want (hourly, daily, etc).
High volume bars now immediately pop out visually on your chart without having to look down at the histogram.
You can even hide the histogram altogether and just use the paintbars function to gauge volume and save screen space.
This release really simplifies down the number of scripts and makes each more powerful and customizable.
MA-based relative volume indicator can be used on tick charts, intraday minute charts, or daily and higher charts.
Using the MA-based relative volume on tick charts lets you see an additional dimension of volume on the same graph (tick count bars combined with share count highlighting really adds additional depth of information).
Josiah is a stock trader, thinkScript programmer, real estate investor, and budding mountaineer. He's also rumored to be an in-shower opera singer. Josiah & his family live in Nashville, TN. Twitter | YouTube
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