VWAP + RVOL (Merged)

:

📊 VWAP + RVOL (Merged)

VWAP + RVOL (Merged) is a professional intraday trading indicator that combines:

Session VWAP to define institutional direction and fair value

True Intraday Relative Volume (RVOL) to measure real-time volume strength compared to the same minute over previous days

The script is specifically designed for U.S. equities and performs best in:

Premarket momentum

Opening Range Breakout (ORB)

VWAP pullbacks

Scalping & day trading

🔍 What does this indicator provide?
1️⃣ True Intraday RVOL

Calculates minute-accurate relative volume, comparing current volume to the same minute across a user-defined number of prior days

Correctly handles sessions crossing midnight (after-hours & premarket)

Displays RVOL in a separate pane for clean, noise-free analysis

Default RVOL reference levels:

0.5 → Weak volume

1.0 → Normal volume

1.5 → Strong volume

2.0 → Unusual / institutional activity

2️⃣ Session VWAP

True session-based VWAP

Identifies institutional fair value

Acts as a primary directional filter:

Above VWAP → Bullish bias

Below VWAP → Bearish bias

✅ Practical Trading Use
Long Setup:

Price above VWAP

RVOL ≥ 1.5

Light pullback or VWAP retest

Confirmation candle with increasing volume

Avoid trades when:

Price below VWAP

RVOL < 1.0

⚙️ Settings

RVOL Lookback Days – Number of days used for RVOL comparison (default: 5)

RVOL Reference Lines – Toggle RVOL levels on/off

VWAP Source – Price source for VWAP calculation

Hide VWAP on 1D+ – Optional VWAP hiding on higher timeframes

📌 Important Notes

Designed for intraday timeframes only (≥ 1 minute and < 1 day)

Requires volume data from the data provider

Not intended for daily or higher timeframes

🎯 Who is this indicator for?

Momentum traders

Day traders & scalpers

ORB and VWAP pullback strategies

Traders seeking volume confirmation before entry

⚠️ Disclaimer

This indicator is a decision-support tool, not a trading recommendation.
Always apply proper risk management.