DonovanWall

Dual Volume Divergence Index [DW]

This is an experimental variation of Paul L. Dysart's Positive Volume Index and Negative Volume Index that tracks the divergences between the PVI and its EMA , and the NVI and its EMA , then plots both together for comparison.

This tool can be used to identify trending price activity.
Release Notes: Simple update:
Added custom bar colorization.
Release Notes: Simple update:
Updated color scheme based on PVI and NVI divergence strength.
Release Notes: Updates:
Added optional smoothing to the script using an exponential moving average to filter noisy outputs.

Added a mode selection with three modes to choose from:
- Dual Index Mode, which displays the original DVDI
- Oscillator Mode, which displays the difference between the PVDI and NVDI as a centered oscillator
- Bar Counter Mode, which displays the number of bars in which volume divergence is in a positive dominant phase and negative dominant phase
Release Notes: Updates:

Migrated code from pine v2 to pine v3.

Added a source price input.

Added an option to use tick volume rather than real volume. If the chart being analyzed has no real volume component, use tick volume.

Condensed DVDI's operations into a singular function for optimized performance.

Fixed a small issue with the bar counter.

Mode selection is now an easy to use dropdown menu.

Color schemes have been updated for greater detail.
Release Notes: Updates:

-> Migrated to v4.
-> Updated DVDI function.
-> Corrected NaN values to stabilize initial conditions.
-> Reorganized script structure.
-> Revamped color scheme.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?
For my full list of premium tools, check the blog:
https://wallanalytics.com/

Reach out on Telegram:
https://t.me/DonovanWall

Comments

Nice script, any chance you want to add price bar colorization? Thanks for sharing!
+2 Reply
Nice thank you
+1 Reply
NVI - (x - nz(x)) : NVI in your function is the opposite of the original NVI, WHY?????
Reply
@CSFS, It appears I fudged some details on my most recent update. Thanks for bringing it to my attention. I need to fix the calcs on the DVDI function. I'll put it on my to-do list. I have quite a bit in the works, but expect to see an updated patch within the next couple weeks.
Reply
Thank you. But can you add a guide how to use this? ))
Reply
Hello, thank you for this wonderful indicator! is there a way to learn more about how it works and how to apply it?
Reply
Nice work on the amendments, thanks!
Reply
Does this require Volume to Work or some other parameter? Its not showing up anything on my chart. Thanks and Interesting Work Pal!
Reply
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