Directional Volume Index

Bitcoin / U.S. dollarBitstamp

Description

⋅ Jul 12, 2020 8:03 AM

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.

Release Notes

⋅ Jul 12, 2020 8:06 AM

Removed redundant input.

Release Notes

⋅ Jul 13, 2020 12:00 AM

Updated smoothing to VWMA smoothing.

Release Notes

⋅ Jul 13, 2020 12:14 AM

Updated inputs.

Release Notes

⋅ Jul 13, 2020 1:40 AM

Tweaked VWMA smoothing parameter.

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

Release Notes

⋅ Jul 18, 2020 7:25 AM

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.

Release Notes

⋅ Jul 18, 2020 9:51 AM

Simplified script.

Release Notes

⋅ Jul 25, 2020 2:22 AM

Updated vwma smoothing default.

Comments

MadMoto29

⋅ Nov 2, 2020 5:15 PM

Hi! Went to try this today but no output in the pane.