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Price Volume Indicator

Price Volume Indicator is a unique technical indicator using Volume and Price data in calculation. The indicator detects significant increase in volume (and adequate price movement) from the previous bar (day/hour).

Price Volume Indicator is an important indicator to predict trend reversals and estimate where the smart money is active.

The Price Volume Index can be an important early warning signal on daily/hourly charts, but works fine on M1 or M5.

When the indicator crosses below its average (calculated with adjustable 3-Pole Butterworth filter) or 3-Pole Butterworth filter curve is at its inflection point, try to find additional reversal signals by relative strength index (RSI) or Stochastic oscillator nearing a resistance level or forming a reversal pattern.

Indicator is normalized in range from -1 to 1.


Parameters

  • PVI_IPC - price type: Close, Open, High, Low, Median, Typical, Weighted, Simple, Quarted Price, TrendFollow_1, TrendFollow_2 and Demark Price
  • PVI_VolumeType - volume selection (tick or real volume)
  • Period - how many back bars are included in the indicator calculation
  • Shift - how many bars to be shifted vertically
  • Avg_period - 3-Pole Butterworth filter averaging period (at least 8 or more bars)
  • Show_arrow - the indicator optionally plots reversal points (buy/sell arrows) on a chart to make it easier to detect reversal areas (true/false)

Adjustable overbought and oversold areas (for both curves - signal and average one) to filter false or unwanted signals triggering:

  • Signal_threshold - distance from 1 (overbought area) and distance from -1 (oversold area)
  • Avg_signal_threshold - distance from 1 (overbought area) and distance from -1 (oversold area) for an averaged signal
  • Hold_signal - if true, the indicator issues a signal at each bar
  • Global_variables - the indicator can set global variables optionally

If Global_variables==true, the indicator will create and set the following global variables (you can reach that variables from other indicators, EAs and scripts):

  1. current signal value (values are normalized in range [-1..1])
  2. averaged value (values are normalized in range [-1..1])
  3. real indicator value
  4. buy/sell signal (1 means buy, 0 means no signal, -1 means sell signal)
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