Relative Volume

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10/06/2019 at 10:45 PM #109456 quote
jbeagle2
Participant

New
Relative volume is an important indicator in intraday trading. PRT does not include this indicator however. I have tried to program some sort of relative volume indicator using the EstimatedVolume function but this function assumes volume is added in a linear fashion which is not true since stocks generally have much more volume close to the open than later on. I currently use this in my intraday screeners :

It occurs to me that perhaps the intradaybar index can be used for this much like Nicholaus used it for the intraday VWAP.

I tried this:
```
d = max(1,intradaybarindex)

d1=SUMMATION[d](volume)

d2=average[30](d1)

relvolume=d1/d2

RETURN relvolume as “relvol”
```
But it does not look right on the charts. The relative volume is too low at the opening bars even on stocks that I know had high relative volume at the open. For this to work d1 and d2 would have to be calculated on the same bar. I have a feeling this is not happening. Any ideas?
10/07/2019 at 12:09 AM #109458 quote

robertogozzi
Moderator

Legend

>> For clarity of messages on ProRealCode’s forums, please use the “insert code PRT” button to separate the text of the code part! Thank you! <<

10/07/2019 at 10:13 AM #109496 quote
Nicolas
Keymaster

Legend
I think that the code is not using the first bar volume when intradaybarindex=0.

Try this amended code:
```
if intradaybarindex=0 then 
 first=volume
endif

d = max(1,intradaybarindex)

d1=first+SUMMATION[d](volume)

d2=average[30](d1)

relvolume=d1/d2

RETURN relvolume as “relvol”
```
10/11/2019 at 6:24 PM #109964 quote
jbeagle2
Participant

New
The following formula:
```
if intradaybarindex=0 then
first=volume
endif

d = max(1,intradaybarindex)
 
RV=first+SUMMATION[d](volume)
```
Gives a nice graphical depiction of intraday volume as it accumulates on an intraday chart. What I am trying to accomplish is to find this formula to get this same calculation for the previous day and for the day before and so on. Then I could get a ratio of the volume compared to an average as it accumulates on the chart. I am very confused trying to apply some of the time functions as they do not seem to work in this instance or maybe my syntax is not quite right. I tried this:
```
while Openday[1]


e= max(1,intradaybarindex)

RV1=SUMMATION[e](volume)
wend

RETURN RV1 as "RV"
```
But it just plots as a null value. Are there any time functions that can be used with the intradaybarindex function?
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