Category: Watchlist Columns

Relative Volume Gradient Paintbars for Thinkorswim [VIDEO]

Relative Volume Gradient Paintbars Study for Thinkorswim

Today I’m releasing an overhaul of the Relative Volume indicator for Thinkorswim that I’ve been working on for awhile. This is one of my favorite thinkscript studies and I’ve been experimenting with it in my own trading for awhile, so I wanted to go ahead and get the update released on the site and see if it can add some value for my fellow traders.

Like all of our upgrades, they’re completely free to prior purchasers, just go to the My Account > Orders > View Order Details area of the site and the new links should be posted there for you to install.

New Features

1. Relative Volume Gradient Paintbars to highlight the highest relative volume bars!
   1. Custom colors
   2. 4 custom coloration thresholds
   3. Different color scheme for up bars vs. down bars
2. MA-based relative volume for tick charts, also with gradient paintbars!
3. Combined tick volume / trade volume in the same indicator, just switch the mode in settings. Simply add 2 instances if you want both relative tick count & share count on the same chart!
4. Combined long term studies into 1 study with custom period reset (12 for monthly charts, 52 for weekly charts, 252 for daily charts).
5. Added a TIME BASED relative volume QUOTE COLUMN so you can see when a stock in your watchlist has surging volume on whatever INTRADAY timeframe you want (5 minute, hourly, etc).
6. Added a MA BASED relative volume QUOTE COLUMN so you can see when a stock in your watchlist has surging volume on ANY timeframe you want (hourly, daily, etc).

Benefits

• High volume bars now immediately pop out visually on your chart without having to look down at the histogram.
• You can even hide the histogram altogether and just use the paintbars function to gauge volume and save screen space.
• This release really simplifies down the number of scripts and makes each more powerful and customizable.
• MA-based relative volume indicator can be used on tick charts, intraday minute charts, or daily and higher charts.
• Using the MA-based relative volume on tick charts lets you see an additional dimension of volume on the same graph (tick count bars combined with share count highlighting really adds additional depth of information).

Get the Relative Volume study here!

I’m finding the volume gradient to be a real value add, and especially on the tick charts:

Get the Relative Volume study here!