Mapping Average Trading Volume by Hour and Day of Week

Summary

This indicator summarizes historical trading volume by hour of day and day of week. It accumulates volume and observation counts for each hourly slot across the seven weekdays, then computes average volume for each slot. A table displays the hourly pattern, with cell colors mapped from lower to higher average volumes and text showing each slot’s share of the summed averages.

The script is intended for a one-hour chart and displays a message if used on another timeframe or if the symbol lacks usable volume data. Its output can help identify recurring activity patterns for timing or liquidity analysis, but the document provides no tested trading rule or performance evidence. Averages depend on the available chart history and vendor volume series, and the code does not describe adjustments for holidays, daylight-saving shifts, or differences in session structure across instruments.

Key ideas

• The indicator groups volume observations by weekday and hour using one-hour bars.
• It computes an average volume for each time slot from accumulated volume and observation counts.
• The table uses a color gradient to show relative average volume and reports each slot’s share of the summed averages.
• The script requires a one-hour timeframe and usable volume data for the symbol.
• The visualization describes historical activity patterns but does not establish a profitable strategy.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.