PreMarket Relative Volume

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In TOS I would like to have a Pre-Market Relative Volume indicator for past a any period “n” periods or at the very least indicate Unusual Volume Activity for any “n” periods. As well as the a Watchlist Column for the indicator. Thank you in advance for your assistance

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Posted by (Questions: 1, Answers: 1)
Asked on October 28, 2020 4:44 pm
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What is "Relative Volume"? Have you taken the time to search? There are numerous posts on this topic already and definitions of what is meant by "Relative Volume" varies.

Edit: The author of the post has provided a link along with a definition of "premarket relative volume".

Thinkorswim contains a built-in chart study named "RelativeVolumeStDev". You can see that this alone would cause some confusion for our viewers. That built-in study is NOT the solution to this request. In addition to this, the most common definitions I have seen for "relative volume" is one that compares the average volume for each individual bar to the volume for each of those specific bars. Really confusing to try to explain but it makes sense why some would want to compute those values. However that is also NOT the solution to this request.

From the comment section below we find a third definintion of "relative volume", which is:

"The current premarket volume divided by the average daily premarket volume over the last 20 days".

Unfortunately for users of Thinkorswim, the language does not permit the use of custom sized arrays. Which makes the calculation of this "premarket relative volume", very complex. Far to complex for any solution I can provide free of charge in the Q&A Forum.

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Posted by (Questions: 37, Answers: 4084)
Answered on October 28, 2020 5:26 pm
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Hi and thank you for such a quick reply. I did look around but only after I added the question. So I can understand your frustration. Therefore please accept my apologies. With regards to the request this is the definition I was able to find: Relative Volume definition Compares the average Pre-Market Daily Volume for the Last x number of days relative to the Current Pre-Market Volume Ratio. Equal to the Pre-Market Volume/ x number of days average Pre-Market Volume. Here is the link where I found the definition:https://marketchameleon.com/Reports/PremarketScreener?ref=premarket_tab Once you are on the site hover over the pre-market icon/instruction. And once again thank you for the assists.
( at October 29, 2020 4:49 pm)
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Thanks for providing those details. I have updated my answer to provide details explaining to our viewers the common definitions of "relative volume" I have come across on the forum. Now we have another definition to add to the list. So you can understand that when I see someone using the term "relative volume" my first step in providing a solution is to request the definition, which you provided. However in Thinkorswim the code required to solve this is very complicated due to the lack of some very basic data structures in the language.
( at October 30, 2020 8:15 am)
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I would like to thank you for your quick response and assistance. I think you and this Forum are awesome.
( at October 31, 2020 8:05 am)
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