Relative Volume

Measures: current participation vs. recent norm — is anyone actually showing up for this move?

Formula:

RelVol = mean(V, last 5 bars) / mean(V, last 20 bars)

How Thresher uses it (Volume family):

RelVol	Reading	Effect
> 1.2	elevated participation	±0.30 in the direction of the 20-bar price change
0.8–1.2	normal	no vote
< 0.8	thin tape	sets thin flag → −5 confidence

Limitations: volume has strong day-of-week and intraday seasonality (Mondays and lunchtime hours run light), which a flat 5/20 ratio doesn't adjust for. v2 consideration: seasonal normalization for the intraday profile.

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