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From TradersList Editors
Enhance your trading strategy by identifying key support and resistance levels using advanced volume analysis with RelativeVolume NT8.
Enhance your trading strategy by identifying key support and resistance levels using advanced volume analysis with RelativeVolume NT8.
NinjaTrader Indicator
NinjaTrader Indicator
RelativeVolume NT8 Indicator: Evidence-Based Support and Resistance from Historical Volume
RelativeVolume NT8 Indicator: Evidence-Based Support and Resistance from Historical Volume
by soon123 on NinjaTrader
by soon123 on NinjaTrader
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RelativeVolume NT8 is a NinjaTrader Indicator that displays volume magnitude relative to a historical average for a normalized measurement of volume, as discussed by Melvin Dickover in his April 2014 Stocks and Commodities article.
RelativeVolume NT8 is a NinjaTrader Indicator that displays volume magnitude relative to a historical average for a normalized measurement of volume, as discussed by Melvin Dickover in his April 2014 Stocks and Commodities article.
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This indicator is available on NinjaTrader charting platform. Signing up for a free account and downloading NinjaTrader software is required.
Get on NinjaTrader
This indicator is available on NinjaTrader charting platform. Signing up for a free account and downloading NinjaTrader software is required.
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Open Source
Listing has publically available source code that can be audited and modified as needed.
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Open Source
Listing has publically available source code that can be audited and modified as needed.
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Free Access
All features of this listing are fully free to use with no pricing tiers. Simply start using.
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Free Access
All features of this listing are fully free to use with no pricing tiers. Simply start using.
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Robust Theory
Concepts and theories mentioned in listing are based on generally approved and well established notions.
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Robust Theory
Concepts and theories mentioned in listing are based on generally approved and well established notions.
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Popular Topic
Concepts and theories mentioned in listing are popular topics in web search
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Popular Topic
Concepts and theories mentioned in listing are popular topics in web search
Published by soon123 on NinjaTrader
Published by soon123 on NinjaTrader
Volume in Context
Raw volume numbers lack context - 10 million shares traded means something very different for a mega-cap stock versus a small-cap. Relative volume solves this by comparing current volume to a historical average, producing a normalized ratio. A reading of 2.0 means volume is twice the typical level, instantly conveying significance.
Melvin Dickover's Methodology
The concept behind this indicator was detailed by Melvin Dickover in the April 2014 issue of Stocks and Commodities magazine. His approach emphasizes that relative volume is more informative than absolute volume because it accounts for a security's unique trading characteristics and normal activity levels.
Volume in Context
Raw volume numbers lack context - 10 million shares traded means something very different for a mega-cap stock versus a small-cap. Relative volume solves this by comparing current volume to a historical average, producing a normalized ratio. A reading of 2.0 means volume is twice the typical level, instantly conveying significance.
Melvin Dickover's Methodology
The concept behind this indicator was detailed by Melvin Dickover in the April 2014 issue of Stocks and Commodities magazine. His approach emphasizes that relative volume is more informative than absolute volume because it accounts for a security's unique trading characteristics and normal activity levels.
Identifying Institutional Activity
Spikes in relative volume often signal institutional participation. When relative volume reaches 3x or 4x the average during a breakout, it suggests large players are involved - increasing the likelihood the move will sustain. A breakout on low relative volume lacks conviction and is more prone to failure.
Intraday Applications
For day traders, relative volume is essential for gauging whether a stock is in play for the session. High relative volume in the first 30 minutes of trading indicates elevated interest and wider price ranges. Stocks with low relative volume tend to offer fewer clean setups and tighter, choppier price action.
Identifying Institutional Activity
Spikes in relative volume often signal institutional participation. When relative volume reaches 3x or 4x the average during a breakout, it suggests large players are involved - increasing the likelihood the move will sustain. A breakout on low relative volume lacks conviction and is more prone to failure.
Intraday Applications
For day traders, relative volume is essential for gauging whether a stock is in play for the session. High relative volume in the first 30 minutes of trading indicates elevated interest and wider price ranges. Stocks with low relative volume tend to offer fewer clean setups and tighter, choppier price action.
Assess magnitude of volume flows
Assess magnitude of volume flows
Relative Volume compares current trading volume to a historical average, producing a normalized ratio. A reading of 2.0 means volume is twice the typical level, instantly conveying significance regardless of the security's normal trading activity or price level.
Relative Volume compares current trading volume to a historical average, producing a normalized ratio. A reading of 2.0 means volume is twice the typical level, instantly conveying significance regardless of the security's normal trading activity or price level.
Spot significant volume spikes
Watch for relative volume readings above 2x or 3x normal levels. These spikes often indicate institutional participation in the move.
Normalize volume across securities
Compare volume activity across different stocks using the same relative scale. Normalized readings make cross-security analysis possible.
Anticipate forced position exits
Extreme relative volume during rapid price moves may indicate liquidations. High readings signal elevated market stress.
Common Questions About Relative Volume Analysis
Common Questions About Relative Volume Analysis
Relative volume compares current volume to historical averages for the same time period, revealing unusual activity. These questions address interpretation and practical trading applications.
Relative volume compares current volume to historical averages for the same time period, revealing unusual activity. These questions address interpretation and practical trading applications.
What does high relative volume indicate?
High relative volume shows activity significantly above normal for that time of day, suggesting unusual interest. This often accompanies significant moves, breakouts or reversals. High relative volume confirms that participants are genuinely engaged with current price action.
How do I set the comparison period for relative volume?
Common settings compare to the average of the same time period over recent days or weeks. Shorter lookbacks capture recent behavior while longer periods show deviation from established norms. Match the comparison period to your trading timeframe.
Why does relative volume matter more than absolute volume?
Absolute volume varies throughout the day with predictable patterns. Morning volume typically exceeds midday volume. Relative volume normalizes for these patterns, showing whether current volume is unusual for this specific time rather than just comparing raw numbers.
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Web sentiment
Web sentiment
NinjaTrader's RelativeVolume NT8 elicits mixed feelings; users find it useful yet frustrating due to implementation issues, leading to muted sentiment on the web.
NinjaTrader's RelativeVolume NT8 elicits mixed feelings; users find it useful yet frustrating due to implementation issues, leading to muted sentiment on the web.
Source: Online Discussion
Source: Online Discussion
Source: Online Discussion
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TradersList Reviews (4)
TradersList Reviews (4)
TradersList Community has given this listing three stars, indicating decent trust and value for traders' toolkit. Make sure you understand functionality before using.
TradersList Community has given this listing three stars, indicating decent trust and value for traders' toolkit. Make sure you understand functionality before using.
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