Ease of Movement
Ease of Movement (EMV - Arms’ Ease of Movement Value) relates an asset's price change to its volume. It highlights the relationship between volume and price changes and is particularly useful for assessing the strength of a trend. High positive values indicate the price is increasing on low volume; strong negative values indicate the price is dropping on low volume. The moving average of the indicator can be added to act as a trigger line, which is similar to other indicators like the MACD.
In addition to the classic way, you can choose the mid-point as the middle of the candles body without shadows. In the mode of the histogram, indicator provides additional signal - red bars above zero and blue below zero mean contradiction of the indicator to the real trend.
There is a possibility to normalize the results (i.e., to increase too small values and to reduce too large ones keeping proportionality). It is useful, for example, when weekends are on screen. It is also useful to apply this function to non-currencies, where volumes do not have a steady, continuous stream. Use it with caution - after all, these are reliable but distorted results (in the same meaning as the Moving Average, but this mechanism has nothing to do with smoothing).
As usual, 0 Limit value means the entire history. Be careful at small timeframes.
Сhecking the reliability of the oscillator, I used to compare it with Momentum Fixed (https://www.mql5.com/en/market/product/8059). EMV provides results similar to the classic Momentum on small timeframes yielding to Fixed modification. But similar does not mean identical! EMV is a hybrid of Momentum and Volumes, and it must be interpreted from this point of view.