sovikkn

Normalized Cumulative Net Volume

//@version=3
//study("My Script")
study(title="Normalized Cumulative Net Volume")
src = close
nv = change(src) > 0 ? volume : change(src) < 0 ? -volume : 0*volume // net volume of positive and negative volume
cnv = cum(nv) // cumulative net volume
cnv_tb = cnv - sma(cnv,15) //normalized 15 bars moving average
plot(cnv_tb, color=(cnv_tb >= 0 ? blue : red), title="CNV", style=area)

// Interpretation --> cnv_tb needs to be equilibriumie near to zero after cycle (blue, red zone be similar).
//After high blue zone, if value doesn't reach zero, or stay around zero, it indicates demand is active and strong.
// Can be an excellent indicator for parabolic movements.
Open-source script

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