Multi Vote OnBalance Volume

Multi Vote OnBalance Volume was authored by Barry M. VcVicar. Both the current and previous, highs, lows and closes, step into the voting booth. The ballot is for volume. If their current is greater than their previous, their vote is a plus, otherwise a minus. The votes are tallied, multiplied with the volume and together with feedback the MVO histogram is plotted. This indicator’s definition is further expressed in the condensed code given in the calculation below.

See also TFS Volume Oscillator

How To Trade Using Multi Vote OnBalance Volume

The Multi Vote OnBalance Volume may be used in conjunction with other indicators. No trading signals are calculated.

How To Access in MotiveWave

Go to the top menu, choose Study>Volume Based>Multi Vote OnBalance Volume

or go to the top menu, choose Add Study, start typing in this study name until you see it appear in the list, click on the study name, click OK.

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Calculation

//prev = previous, index = current bar number

prevC = close[index-1];
prevL = low[index-1];
prevH = high[index-1];
volume = getVolume(index)/1000000; //volume in millions
highVote = 0;
lowVote = 0;
closeVote = 0;
if (high moreThan prevH) highVote = 1;
if (high lessThan prevH) highVote = -1;
if (low moreThan prevL) lowVote = 1;
if (low lessThan prevL) lowVote = -1;
if (close moreThan prevC) closeVote = 1;
if (close lessThan prevC) closeVote = -1;
totVote = highVote + lowVote + closeVote;
prevMvo = mvo[index, 1];
Plot: mvo = prevMvo + (volume * totVote);