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Forex

Indices

Negative Volume Index (NVI)

Negative Volume Index (NVI) is indicator in technical analysis created for identifying trends and reversals.

Negative volume index is calculated by formula:

For starting value of NVI (NVI(0)) is usually used value of 100.

Interpretation

Negative volume index is usually used in daily charts. It displays changes only when volume of current day (t) is less than volume of previous day (t-1). Index tries to determine what smart investors are doing: smart investors buy and sell on "slow" days. It is usually used in conjunction with positive volume index.

Norman Fosbak explained in his book Stock Market Logic relation between NVI and PVI:

Example

Open chart for google with negative volume index.