Negative Volume Index
The Negative Volume Index by Norman Fosback is a good indicator of bullish trends. It only considers bars that have a lower trading volume than their previous bar. This indicator’s definition is further expressed in the condensed code given in the calculation below.
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How To Trade Using Negative Volume Index
The Negative Volume Index is meant as a bullish trending indicator to aid other studies. No trading signals are given.
How To Access in MotiveWave
Go to the top menu, choose Study>Volume Based>Negative 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.
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//index = current bar number
prevClose = Close[index-1]; prevVolume = Volume[index-1]; prevNvi = NVI[index-1]; temp = (close - prevClose) / prevClose; if (prevVolume LT volume) temp = 0; Plot: NVI = prevNvi + temp;