Positive Volume Index (PVI)
Info
The Positive Volume Index (PVI) is a Indicator for MetaTrader 5 that the positive volume index (pvi) establishes a relationship between the increase in trading volume and changes in the price of a financial instrument. Specifically, if the trading volume on a given day is higher than the previous day, the PVI reflects the percentage change in price for that day.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Positive Volume Index (PVI)
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
The Positive Volume Index (PVI) establishes a relationship between the increase in trading volume and changes in the price of a financial instrument.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Footprint X Ray: Advanced Order Flow and Volume Delta Analysis - another powerful indicator for MetaTrader 5 traders.
The Positive Volume Index (PVI) establishes a relationship between the increase in trading volume and changes in the price of a financial instrument. Specifically, if the trading volume on a given day is higher than the previous day, the PVI reflects the percentage change in price for that day.Also recommended: Volume Strength Compass by Bhanu Code Lab - similar indicator with strong performance on MetaTrader 5.
The PVI indicator is designed such that its value only updates when the current day's volume exceeds the previous day's volume. Since price increases are frequently associated with rising trading volumes, the PVI typically trends and moves in line with an uptrend.
The interpretation of the PVI is based on the assumption that increased trading activity and rising volume indicate heightened participation from amateur investors who tend to follow market trends. Conversely, when volume decreases, it is assumed that the market is primarily influenced by professional traders, often referred to as "smart money." Therefore, changes in the PVI (which only occur on days with increased volume) are interpreted as signals that "smart money" is actively making decisions in the market.
Norman Fosback's research indicated that when the PVI of the Dow Industrials Index was below its one-year moving average, the market was bearish in 95% of observed cases. This suggests the PVI can be a useful tool for identifying potential market trends and shifts in investor behavior. The PVI is a valuable indicator for traders and analysts seeking to understand the underlying dynamics of market movements and sentiment.
This analysis and methodology are applicable as of 2026.
You may also like: institutional harmonic volumetric gravity center indicator - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.00"
#property indicator_separate_window
#property indicator_buffers 1
#property indicator_plots 1
#property indicator_type1 draw_line
#property indicator_color1 lime
#property indicator_style1 style_solid.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.