Directional Volume Index

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A new idea of mine that I am presently experimenting on for my trades.

The Directional Volume Index (DVI) is defined as follows:
DVI = VWMA(len1) - SMA(len2), where by default, len1==len2

The sign of the DVI provides volume confirmation of the direction of the price trend.
The magnitude of the DVI provides the volume confirmation of the strength of the price trend.

The novel aspects and principles of this indicator and this source code are the property of © cybernetwork.
This indicator and script is free for the TV community to use.

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ملاحظات الأخبار

Removed redundant input.

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ملاحظات الأخبار

Updated smoothing to VWMA smoothing.

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ملاحظات الأخبار

Updated inputs.

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ملاحظات الأخبار

Tweaked VWMA smoothing parameter.

NOTE: The accompanying analysis package is now republished as Directional Volume Index (DVI) {PREMIUM}.

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ملاحظات الأخبار

• 
  Added Stdev based thresholds.
• The DVI piercing the Stdev boundary suggests overexuberance in the corresponding direction.
• Tightening of the DVI-Stdev bands can suggest the possible incoming of major move ahead.

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ملاحظات الأخبار

Simplified script.

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ملاحظات الأخبار

Updated vwma smoothing default.