Modified Price-Volume Trend Indicator by HPotter

modified price-volume trend indicator pricevolumetrend

The related article is copyrighted material from Stocks & Commodities Apr 2010.

Open-source script

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////////////////////////////////////////////////////////////
//  Copyright by HPotter v1.0 01/10/2014
//  The related article is copyrighted material from
//  Stocks & Commodities.
////////////////////////////////////////////////////////////
study(title="Modified Price-Volume Trend Indicator", shorttitle="MPVT")
Level = input(0)
Scale = input(1)
xOHLC4 = ohlc4
xV = volume
rV = xV / 50000
xCumPVT = nz(xCumPVT[1]) + (rV * (xOHLC4 - xOHLC4[1]) / xOHLC4[1])
nRes = Level + Scale * xCumPVT
plot(nRes, color=red, title="MPVT", linewidth = 2)