This indicator, recognizing trends in an early stage, can be used to get ready for a break-out scenario.
The indicator depicts the Positive Volume Index (PVI), smoothed by the factor MA_PERIOD (default=2). For comparison purpose, the EMA with period ME_PERIOD (default=10) is also added to the indicator window.
The code is at it is. The author does not carry liability for any errors or mistakes in the program.
1. Copy “Positive Volume Index.mq4” file to C:/Program Files/MetaTrader4/experts/indicators folder
and restart your MetaTrader.
2. Open Navigator/Custom Indicators panel and drag the indicator named “Positive Volume Index.mq4” to the chart of any currency pair.
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