Smoothed Range Volume Ratio is an oscillator based on indicator Range_Volume_Ratio. It shows in a separate window, as a histogram, the candlestick size / tick volume ratios by two parameters:

1. Difference between Open and Close;
2. Difference between High and Low.

It also displays a signal line plotted by the method of smoothing the histogram values.

The color of the histogram columns can be displayed by two methods:

1. By the value of the previous column. If the previous column is above the signal line, then the color is green. Otherwise, it is orange;
2. One-color histogram - all columns are of one color.

The indicator has four input parameters:

• Calculation type - type of calculations:
  • Open/Close - difference between Open and Close;
  • High/Low - difference between High and Low.
• Period - smoothing period of the signal line;
• MA Method - signal line calculation method;
• Colors setting - color settings:
  • By previous bar position - histogram column color by the value of the previous column;
  • One color - one color.

RVR[i] = Abs(Open[i] - Close[i]) / Volume[i]

RVR[i] = (High[i] - Low[i]) / Volume[i]

Volume - the tick volume of the candlestick  Signal = Moving average(RVR, Period, Method)  

Fig.1. Calculations by Open/Close, one color

Fig.2. Calculations by Open/Close, the color by the value of the previous column

Fig.3. Calculations by High/Low, the color by the value of the previous column