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Though not directly related to the volume percent indicator, I have recently
been using a volume indicator that I wrote myself in Metastock's formula
language. It uses the same idea that Chande used to turn RSI into the
StochRSI oscillator and the preprogrammed Price Volume Trend function. Price
Volume Trend is similar to On Balance Volume except that as the volume is
accumulated, it is weighted according to the percent price change from the
previous close. I use fast and slow "stochastic" lines to judge when either
accumulation or distribution is taking place. I used a look back period of
19 days which fits my style. Signals are generated by the fast crossing
above or below the slow lines. I have not worked with it enough to say
whether or not divergences offer signals too. Formulas for the StochPVT are
shown below:
Fast line
Mov((PVT()-LLV(PVT(),19))/
(HHV(PVT(),19)-LLV(PVT(),19)), 5, S)
Slow Line
Mov(Mov((PVT()-LLV(PVT(),19))/
(HHV(PVT(),19)-LLV(PVT(),19)), 5, S),3,S)
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