Volume of an instrument on a given day esp. in Indices tells us who is in the market. Is it the locals or the institutions driving the moves. One way to determine that is to look at the average volumes over a 20 day look back, If the volumes are higher than the mean, then you know what to expect.
This indicator is designed to work with Range by Time to get a better grip on the probability of meeting the average range levels for the day.
Displays per bar cumulative volume.
Displays Previous day and look back period cumulative volume for the bar as a hash
Marks change in volume with reference compared to previous bar by using a % input
Option to Display (On Price Panel) Cumulative Relative Volume Rate of Change, Relative difference of Volume of Current Day compared to Previous Day and Look-back period mean.