Hello Tradovate community,
I am looking for a more advanced relative volume tool. Ideally, would like to customize the color of the volume bars based on the % difference between the current bars volume and the prior n periods average volume.
For example, you select a 20 day average that calculates the average volume per bar over the prior 20 days and the volume candles will be colored based on whether they are a certain percentage more or less than that 20 day average.
Would love if you could customize the timeframe as well, so we can ignore the low volume periods in futures during the overnight session.
Here is an example from Sierra Chart:
I think this tool would be very useful and allow traders to easily visualize when volume is reaching extremes.