Charts - Relative Volume Indicator

[ilfle]

Hi,

I have seen that the volume (per time) indicator that is plotted along the bottom of the screen gives the users the option to paint the volume bars according to whether the volume is above or below a smooth moving average. Is there a way to do this but instead of using a smooth moving average (which doesn’t really provide very specific information), using the average volume for that specific time of day? This is known as a Relative Volume indicator and it points out whether volume is spiking relative to the amount of volume that is typically transacted at that specific time of day (or better said, relative to the average of the past N number of days for that specific time of day). I feel like this is a must for a platform of the stature of Optimus Flow!

Thanks

[Mod-JakeM]

Hi @ilfle,

Thank you for your question. Just to clarify, you are using the normal volume indicator found in our indicators list, correct?

If so, have you tried the “Visible on specified timeframe” option found at the bottom of your indicator settings?

This provides users with the following customization options allowing them to customize and show the volume indicator only at their specified timeframe:

Based on your description, it sounds like this might be a step in the right direction to what you are looking for, but please let me know.

Thanks,
Jake
Optimus Futures Support

[ilfle]

Jake,

Thank you for your response. In essence, what I’m looking for is a volume indicator that replaces the smooth moving average line (currently available in Optimus Flow’s Volume Bars) with a line that plots the average volume for that specified time of day. Basically, the indicator looks back a specified number of days to understand what the average volume is for a specified product at each minute of the day, and then plots this line across the volume bars, so the user can understand whether the volume that is being transacted during the current bar is normal, big, or small, in comparison to other days. Please see attached.

[Mod-JakeM]

Hi @ilfle,

Our developers have reviewed this post. At the moment, we do not have such an indicator, but they will look to add this in the future.

Thank you for the suggestion!
Jake
Optimus Futures