Indicator: Postivie / Negative Volume Indices

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I have included both NVI and PVI. Enjoy :)
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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// @author LazyBear
// @credits
// Calculation of the PVI depends on how current volume compares with the previous 
// day's trading volume. If current volume is greater than the previous day's volume, 
// PVI = Previous PVI + {[(Today's Closing Price-Yesterday's Closing Price)/Yesterday's Closing Price)] 
//   x 
// Previous PVI}. If current volume is lower than the previous day's volume, PVI is unchanged.
study(title = "Positive Volume Index [LazyBear]", shorttitle="PVI_LB")

showEMA=input(true, title="Show EMA?", type=bool)
pvi=(volume > volume[1]) ? nz(pvi[1]) + ((close - close[1])/close[1]) * (na(pvi[1]) ? pvi[1] : START_VALUE) : nz(pvi[1])
plot(showEMA ? ema(pvi, length) : na, color=orange, linewidth=2)
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I'll try this one out
+1 Reply
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