Time-based RVol (%) = 100 × (volume accumulated up to this bar) / (daily average × typical fraction up to this time).
The “typical fraction” is learned from the last N days, with a default of 14: the “up to the same time” profile.
Example at 13:00 on a 10-minute chart
- There are 144 bars per day; at 13:00 we are at bar 78, counting from 00:00 in the chart's time zone.
- Daily average over the last 14 days: 120M.
- Typical fraction of volume up to 13:00, learned from the data: 0.62 → expected volume of 74.4M (= 120M × 0.62).
- Today's accumulated volume up to 13:00: 76.6M.
Time-based RVol = 76.6 / 74.4 × 100 = 103%.
In other words, by 13:00 the market has traded 3% more volume than normal for this time of day.
For time-based R/ATR, the same reasoning applies, using the range (high–low) versus ATR:
- Daily ATR(14): 2.00.
- Typical fraction of the range up to 13:00: 0.55 → expected range of 1.10 (= 2.00 × 0.55).
- Today's range up to 13:00: 1.13.
Time-based R/ATR = 1.13 / 1.10 × 100 ≈ 103%.
The range up to this time is about 3% above what is expected for this time of day.
A quick note:
- “Time-based” uses the time-of-day profile. In 24/7 crypto markets, the day changes at 00:00 in the chart's time zone.
- Simple mode ignores the time and compares progress against the whole-day average. At noon, it tends to produce values below 100% even when activity is on track, because the day is not over yet.