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- ////////////////////////////////////////////////////////////
- // Copyright by HPotter v1.0 11/06/2014
- // The theory behind the indexes is as follows: On days of increasing volume,
- // you can expect prices to increase, and on days of decreasing volume, you can
- // expect prices to decrease. This goes with the idea of the market being in-gear
- // and out-of-gear. Both PVI and NVI work in similar fashions: Both are a running
- // cumulative of values, which means you either keep adding or subtracting price
- // rate of change each day to the previous day`s sum. In the case of PVI, if today`s
- // volume is less than yesterday`s, don`t add anything; if today`s volume is greater,
- // then add today`s price rate of change. For NVI, add today`s price rate of change
- // only if today`s volume is less than yesterday`s.
- ////////////////////////////////////////////////////////////
- study(title="Positive Volume Index", shorttitle="Positive Volume Index")
- EMA_Len = input(255, minval=1)
- xROC = roc(close, 1)
- nRes = iff(volume > volume[1], nz(nRes[1], 0) + xROC, nz(nRes[1], 0))
- nResEMA = ema(nRes, EMA_Len)
- plot(nRes, color=red, title="PVI")
- plot(nResEMA, color=blue, title="EMA")
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