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Forex

Indices

Positive Volume Index (PVI)

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

Positive volume index is calculated by formula:

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

Interpretation

Positive volume index is usually used in daily charts. It displays changes only when volume of current day (t) is greater 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 negative volume index.

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

Example

Open chart for google with positive volume index.