Volume Surge is a measurement of relative volume. It compares the current bar volume with the volume over the last x bars (by default, 100 bars). Two measurements are available: Volume Surge Today (compares the most recent bar volume with the last 100 bars) and Volume Surge 5-day (which makes the comparison of the average volume over the previous 5 bars with the average of the last 200 bars).
Note: Volume surge PCF formulas: Today's Volume Surge (V/AVGV100); Volume Surge 5-day (AVGV5/AVGV200*100).
Click the Add Plot Button to open the plot library.
Type part of the phrase Volume Surge to narrow the list.
Choose the desired volume surge plot.
This will add the volume surge indicator to your chart.
The scale represents how many times today's volume is compared to the average volume of the previous 100 bars (e.g. 1.5 on the scale is 1 and 1/2 times the average volume).
Volume Surge calculations are also available to use in any feature that uses conditions.