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FreeIndicators·ThinkorSwim

Average Volume Stats

Today's volume vs. its own history, spot the unusual.

How to install in ThinkorSwim

  1. In ThinkorSwim, open a chart, then go to Studies → Edit Studies.
  2. Click Create, clear the editor, and paste the code.
  3. Name it, click Apply, then OK, and it draws on your chart.

How to Use — WeTradePro Average Volume Stats

A glance-dashboard: today's volume, the 20-day average day, relative volume vs pace, and projected end-of-day volume. Educational, not advice.

What it is (one line)

Four labels that answer "is today busy or dead?" — today's cumulative volume, the 20-day average daily volume, relative volume as a % of where an average day's *pace* should be by now, and a projected end-of-day total scaled from the current pace.

Who it's for & best timeframe

Trader typeHow you use itBest timeframeNotes
Day traderBest fit — confirm a setup is on an unusually busy day before committing1-min – 15-minRel-vol % and projected EOD update live
Swing traderQuick check that a breakout day is trading above-average volume5-min intradayNeeds an intraday chart to accumulate
Position traderConfirm institutional participation on a key day5-min intradayUse the projected-EOD multiple

Best overall: Intraday (2-5 min) for day traders. The relative-volume-vs-pace and projected-EOD numbers are what separate a tradable, high-participation day from a dead tape — early in the session, before raw volume looks big.

What you see (lower panel, labels only)

  • Today vol: cumulative volume so far this session.
  • 20d avg day: the average full-day volume over the last avgDays days (the normal baseline).
  • Rel vol: today-so-far as a % of how much an average day should have traded by *this time of day*. 100% = exactly on pace; red ≥150% = unusually heavy.
  • Proj EOD: projected end-of-day volume (current pace extrapolated to the close) and its multiple of the average day (e.g. 1.8x avg).

How to use it

  1. Pre-commit check. Before taking a breakout, glance at Rel vol — above ~120-150% of pace means real participation; under ~70% means a quiet, fade-prone day.
  2. Early conviction. It's 10:00am and raw volume looks small — but Rel vol 160% and Proj EOD 2x avg tells you the day is hot *now*, not after the fact.
  3. Filter setups. Demand a minimum relative volume before trusting breakouts; skip the dead days.
  4. Gauge interest at the close. A Proj EOD well above 1x avg on an up day = accumulation; on a down day = distribution.

Settings (inputs)

  • avgDays (20) — number of past days for the average-daily-volume baseline.
  • regHoursOnly (yes) — treats the regular ~390-minute (6.5h) session as a full day for the pace math. Set no only for 24h instruments.

Best on

  • Any liquid stock or ETF, on an intraday chart. The projection and relative-volume math need an intraday session to accumulate against.

Common mistakes

  • Running it on a Daily chart — there's no intraday session to accumulate or project; it needs an intraday timeframe.
  • Reading raw "Today vol" early and calling the day dead — that's exactly why Rel-vol-vs-pace and Proj EOD exist; use them.
  • Leaving `regHoursOnly = yes` on a 24-hour future — set it to no so the pace fraction is correct.
  • Trusting the average on a newly listed ticker — fewer than avgDays of history makes the baseline unreliable.

Video script outline (for your WeTradePro tutorial)

  1. Hook: "It's 10am and volume looks small — but is the day actually hot? This tells you."
  2. The four labels walkthrough.
  3. Relative volume vs *pace* — why that beats raw volume early in the day.
  4. Projected EOD: extrapolating the current pace to the close.
  5. Using a rel-vol minimum as a setup filter.
  6. Why it needs an intraday chart.
  7. Recap + "import link in description."

Educational analysis, not financial advice.

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