EMV

// This Pine Script® code is subject to the terms of the Mozilla Public License 2.0 at mozilla.org/MPL/2.0/
//version=5
indicator("EMV", overlay=false)

N = input.int(14, "N")
M = input.int(9, "M")

// ==== VOLUME ====
maVol = ta.sma(volume, N)
VOLUME = maVol / volume

// ==== MID ====
hl = high + low
MID = 100 * (hl - hl[1]) / hl

// ==== HL_RANGE ====
HL_RANGE = ta.sma(high - low, N)

// ==== EMV ====
EMV_raw = MID * VOLUME * (high - low) / HL_RANGE
EMV = ta.sma(EMV_raw, N)

// ==== MAEMV ====
MAEMV = ta.sma(EMV, M)

plot(EMV, color=color.blue, title="EMV")
plot(MAEMV, color=color.orange, title="MAEMV")

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

Handson2022

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Open-source script

Handson2022