It is based on time, so cannot be used on non-time-based bars. If you do so, it will, at best, show nothing. At worst, it might blow up on you.
It calculates the average volume for the bar with the same Close() time over the previous X number of days. The value of X is input by the user.
It then compares the volume of the current bar to the average volume for that time of day. A negative result means that the current bar has below average volume and a positive result means the current bar has greater than average volume.
Be aware that the greater the number of days being averaged and the shorter the duration of the bars, the longer it'll take to plot the values. I hope the community finds this indicator useful.
Edit:
Oh, and I want to also let you know that if there are fewer days on the chart than what's entered in the lookback parameter (or whatever I called it), the indicator will provide the value based on the number of days available. Just be sure you have days enough on the chart to give you the values you're looking for.
Edit 2:
In answer to the question about a similar indicator for range bars, I'm afraid the logic won't hold up for that. This indicator looks for bars with the same time stamp from prior days. Range bars close at totally random times, based on how far price moves. It's very, very unlikely there'd EVER be one on a prior day that closed at the same time as a range bar from the current day.
Category NinjaTrader 8 Indicators and More
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