Comparing Current Volume with Historical Volume at the Same Time of Day
Summary
This indicator builds a history of volume observations grouped by time of day, then compares the current bar with the observations collected for that same time. It displays current volume alongside a historical reference, using either the mean or median as the summary statistic. An optional lookback limits the data to a chosen number of days; the default uses the available history. A status readout indicates the number of observations in the current time group.
The script also assigns positive or negative signs to volume according to whether each bar closes above or at/below its open. This signed series determines the reference color and can be shown bidirectionally, while the displayed reference magnitude is calculated from absolute volume. The document describes the indicator and its settings but provides no performance study or trading rules. Its comparisons depend on the chart's time intervals and the available history; observation counts can vary when sessions have different schedules or partial data.
Key ideas
- The indicator groups volume observations by the bar's time of day.
- It compares current bar volume with a historical mean or median for that time slot.
- A configurable day limit can restrict the historical sample, while zero uses all available data.
- Bar direction supplies a sign for coloring and optional bidirectional display.
- The available sample count can vary with partial or irregular trading sessions.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.