ixion700 wrote: Tue Apr 16, 2024 2:36 am In the pictures attached I tried to use 3 stacks of it to filter the signals made by mrtool's new Rsi ma. The first and the second instances are OBV and PVI, the third one is NVI. For the result, no need to a comment... If there are eyes they can see! When you have time give the average pack an update please, a BTN would also be very appreciated. My sincerest thanks for this amazing hell of an indicator.

On Balance Volume (Normalized) with PVI + NVI

.... button added...

To recap:

• This version of the OBV also comes with PVI (Positive Volume Index) & NVI (Negative Volume Index) options
• Is Normalized which adds levels that give the indicator boundaries for gauging Oversold and Overbought areas
• Includes 5 OBV calculation types:
  • Original
  • Alternative 1 (using higher timeframes for smoothing version 1)
  • Alternative 2 (using higher timeframes for smoothing version 2)
  • PVI (Positive Volume Index)
  • NVI (Negative Volume Index)

What is PVI and NVI?

Positive Volume Index (PVI) is used in conjunction with the Negative Volume Index (NVI) to identify bull and bear markets.

• Positive Volume Index is calculated based on price movements on periods with increased volume.
• Negative Volume Index focuses on periods where the volume decreases from the previous period.

The PVI was designed to display what the "not-so-smart money" is doing; while the NVI tracks what the "smart money" is doing which means under the belief that "smart money" takes positions when volume decreases because high volume periods are consider to be driven by uninformed traders.

• When the NVI or PVI is above its 255-period moving average this is considered a Bull Market.
• When the NVI or PVI is below it's 255-period moving average this is considered a Bear Market.