Negative Volume Index Formula
The negative volume index formula helps identify a bull market. When the negative volume index is above its moving average there is higher probability for a bull market. The probability for a bull market is much lower when the negative volume index is below its moving average.
This formula should be used together with the Positive Volume Index Formula.
Formula Details
Syntax
Chart.DataManipulator.FinancialFormula(
FinancialFormula.NegativeVolumeIndex,
"StartNVI",
"Close,Volume",
"NVI")
Parameters
This formula takes one required parameter.
- StartNVI
Start value of the negative volume index.
Input Values
This formula takes two input Y values.
Close
Daily close price.Volume
Daily volume.
Output Value
This formula outputs one Y value.
- NVI
Negative volume index.
Remarks
The Line chart type is a convenient chart type to display the formula output.
Example
The following example takes input from Series1's Y value for the daily close price (Series1:Y4) and Series2's Y value for the daily volume (Series2:Y), and then outputs the negative volume index on Series3 (Series3:Y), using a starting index of 100.
Chart1.DataManipulator.FinancialFormula (FinancialFormula.NegativeVolumeIndex, "100", "Series1:Y4,Series2:Y", "Series3:Y")
Chart1.DataManipulator.FinancialFormula (FinancialFormula.NegativeVolumeIndex, "100", "Series1:Y4,Series2:Y", "Series3:Y");