Can someone please tell me if an indicator has been developed for the Trade Volume Index?
If not can someone please assist me in creating the index. Its calculated as follows:
How to Calculate the TVI
The trade volume index is calculated by using the following formula
MTV = Minimum Tick Value
Change = Price minus the extreme price since direction changed
If Change is greater than MTV, then Direction = Accumulate
If Change is less than MTV, then Direction = Distribute
If Change is less than or equal to MTV and Change is greater than or equal to MTV, then Direction = Last Direction
Lastly, we must calculate the TVI, which is simple once you know the Direction.
If Direction is Accumulate, then TVI = previous TVI + Volume
If Direction is Distribute, then TVI = previous TVI – Volume
This will be greatly appreciated..
Cheers
CArlton
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