What it does

Relative Volume helps traders judge whether a bar is doing normal business or attracting notably more activity than the recent baseline. It is useful when you want participation context without guessing from raw volume numbers alone.

Who this is for

This page is a good fit for traders who want a readable Relative Volume workflow without having to reverse-engineer the setup from forum posts or screenshots.

Key terms for this tool

Review the core trading and platform terms tied to this page before changing settings or using the study in a live workspace.

Volume BarOrder FlowLiquiditySignal-to-Noise RatioMean Reversion

What it is not

Relative Volume is a chart-context tool. It does not place trades, manage risk automatically, or promise that a specific pattern will resolve in one direction. Use it to organize decisions, not to outsource them.

Chart examples

This chart capture shows the study on a real NinjaTrader workspace. Use it as visual reference, then confirm behavior on your own instrument, session, and timeframe.

Relative Volume displayed on a chart so current participation can be judged against recent average activity.

Relative participation on chart

A chart showing Relative Volume helping traders compare current bar activity to the recent baseline.

Best fit

  • Confirming whether a breakout has more participation than the recent baseline.
  • Separating routine churn from meaningful activity expansion.
  • Comparing the quality of reactions at key levels.

Before using it live

  • Import the NinjaTrader 8 ZIP through NinjaTrader's normal import flow.
  • Use it on a chart with volume data you trust.
  • Review the lookback period separately for each market and timeframe.
  • Review how the tool behaves on your actual session template, chart type, and instrument.

Settings to review

Lookback

Controls the number of bars used for average volume.

Spike threshold

Sets the horizontal level that marks unusually high relative volume.

Ratio color

Controls the plot color for the live relative-volume ratio.

Installation notes

  1. Import the NinjaTrader 8 ZIP through NinjaTrader's normal import flow.
  2. Use it on a chart with volume data you trust.
  3. Review the lookback period separately for each market and timeframe.

Downloads

FreeIndicators Relative Volume for NinjaTrader 8 NinjaTrader 8
Download

Source code

These source examples are provided for copy/paste workflows on other charting platforms. Review and test any script in a simulator before using it on a live chart.

TradeStation EasyLanguage MultiCharts PowerLanguage MetaTrader 4 MetaTrader 5 TradingView Pine Script
TradeStation EasyLanguage / MultiCharts PowerLanguage RelativeVolume.eld.txt 
{
  Relative Volume
  FreeIndicators.com source example.
  Works as a starting point for TradeStation EasyLanguage and MultiCharts PowerLanguage.
}

Inputs: Lookback(20);
Vars: AvgVolume(0), RVOL(0);

AvgVolume = Average(Volume, Lookback);
RVOL = IFF(AvgVolume > 0, Volume / AvgVolume, 1);

Plot1(RVOL, "RVOL");
Plot2(2.0, "Threshold");
MetaTrader 4 MQL4 RelativeVolume.mq4 
// Relative Volume
// FreeIndicators.com source example for MetaTrader 4.
#property indicator_chart_window
#property indicator_buffers 3
#property indicator_color1 DodgerBlue
#property indicator_color2 Crimson
#property indicator_color3 SeaGreen

double Buffer1[];
double Buffer2[];
double Buffer3[];

int init() {
   SetIndexBuffer(0, Buffer1);
   SetIndexBuffer(1, Buffer2);
   SetIndexBuffer(2, Buffer3);
   return(0);
}

int start() {
   int counted = IndicatorCounted();
   int limit = Bars - counted - 1;
   int lookback = 20;
   for(int i = limit; i >= 0; i--) {
      double total = 0;
      for(int j = 0; j < lookback && i + j < Bars; j++) total += Volume[i + j];
      double avg = total / lookback;
      Buffer1[i] = avg > 0 ? Volume[i] / avg : 1.0;
      Buffer2[i] = 2.0;
   }
   return(0);
}
MetaTrader 5 MQL5 RelativeVolume.mq5 
// Relative Volume
// FreeIndicators.com source example for MetaTrader 5.
#property indicator_chart_window
#property indicator_buffers 3
#property indicator_plots 3

double Buffer1[];
double Buffer2[];
double Buffer3[];

int OnInit() {
   SetIndexBuffer(0, Buffer1, INDICATOR_DATA);
   SetIndexBuffer(1, Buffer2, INDICATOR_DATA);
   SetIndexBuffer(2, Buffer3, INDICATOR_DATA);
   return(INIT_SUCCEEDED);
}

int OnCalculate(const int rates_total,
                const int prev_calculated,
                const datetime &time[],
                const double &open[],
                const double &high[],
                const double &low[],
                const double &close[],
                const long &tick_volume[],
                const long &volume[],
                const int &spread[]) {
   int start = prev_calculated > 1 ? prev_calculated - 1 : 1;
   int lookback = 20;
   for(int i = start; i < rates_total; i++) {
      double total = 0;
      int count = 0;
      for(int j = 0; j < lookback && i - j >= 0; j++) { total += tick_volume[i - j]; count++; }
      double avg = count > 0 ? total / count : 1.0;
      Buffer1[i] = avg > 0 ? tick_volume[i] / avg : 1.0;
      Buffer2[i] = 2.0;
   }
   return(rates_total);
}
TradingView Pine Script v5 RelativeVolume.pine 
//@version=5
indicator("Relative Volume", overlay=true)

lookback = input.int(20, "Lookback", minval=2)
rvol = volume / math.max(1.0, ta.sma(volume, lookback))
plot(rvol, "Relative volume", color=color.blue)
hline(2.0, "Spike threshold", color=color.orange)

After the download

Keep the next step tied to this exact tool

Install it cleanly, subscribe for future updates if this workflow matters, or move straight into a structured request if the tool needs another platform or a custom version.

Limitations

  • Relative volume still depends on feed quality and session template.
  • A high ratio does not determine direction by itself.
  • News spikes can distort the baseline quickly.

Frequently asked questions

Does it repaint?

This indicator is designed as a chart reference tool, not as a hindsight-only backfitted signal. Even so, you should still test it bar by bar on your chart type to confirm how it behaves on the active bar.

Which platforms are covered?

NinjaTrader 8, TradeStation EasyLanguage, MultiCharts PowerLanguage, MetaTrader 4, MetaTrader 5, TradingView Pine Script are currently represented through downloads or source pages.

Is source code included?

Yes. This page includes source examples or links to platform-specific source pages where applicable.