Positive Volume Index
The Positive Volume Index (PVI) was first introduced by Norman Fosback. PVI changes on the periods in which the volume has increased compared to the previous period. The belief behind this indicator is that as volume increases, the investment community is unified with the current direction of the market. No user input is required. This indicator’s definition is further expressed in the condensed code given in the calculation below.
How To Trade Using Positive Volume Index
No trading signals are calculated for this indicator.
How To Access in MotiveWave
Go to the top menu, choose Study>Volume Based>Positive Volume Index
or go to the top menu, choose Add Study, start typing in this study name until you see it appear in the list, click on the study name, click OK.
Important Disclaimer: The information provided on this page is strictly for informational purposes and is not to be construed as advice or solicitation to buy or sell any security. Please see our Risk Disclosure and Performance Disclaimer Statement.
//MT = more than, prev = previous
//index = current bar number
prev = ifNull(1, val[index-1]); value = prev; if (getVolume(index) MT getVolume(index-1)) value = prev + ((getClose(index) - getClose(index-1))/getClose(index-1))*prev; endIf Plot: value;