Indicator PVO (Percentage Volume Oscillator) represents a momentum for the volume. It calculates the difference in the percents of large MA between two moving averages based on volumes.
It has ten configurable parameters:
- Show histogram - whether to show the histogram (Yes/No);
- Show PVO - whether to show the PVO line (Yes/No);
- Show Signal - whether to show the signal line (Yes/No);
- Fast MA period - fast MA calculation period;
- Fast MA method - fast MA calculation method;
- Slow MA period - slow MA calculation period;
- Slow MA method - slow MA calculation method;
- Signal period - signal line calculation period;
- Signal method - signal line calculation method;
- Calculation mode - calculation mode:
- Absolute - in absolute values;
- Relative - in relative values.
Calculations:
Signal = MA(PVO, Signal period, Signal method) Histogram = PVO - Signal
Calculation mode Absolute:
PVO = ShortMA - LongMA
Calculation mode Relative:
PVO = (FastMA - SlowMA) / SlowMA
where:
FastMA = MA(Volume, Fast MA period, Fast MA method) SlowMA = MA(Volume, Slow MA period, Slow MA method)
Volume - tick volume
