What it does
The Negative Volume Index (NVI) is the mirror of PVI: it updates only on bars where volume decreased from the prior bar, changing by that bar's percentage price move, and stays flat on higher-volume bars. The premise is that quiet, low-volume sessions reveal what informed, patient money is doing while the crowd is absent. A rising NVI means price tends to climb on quiet days, read as stealth accumulation.
How to add it
Click Indicators (ƒx) in the header.
Search “Negative Volume Index” and click the result.
Hover its legend row and click the gear to open settings.
How traders use it
- The classic Fosback signal: NVI above its 255-day moving average has historically been one of the stronger indications that a bull market is in force.
- A steadily rising NVI during a sideways or pullback phase suggests smart-money accumulation beneath the surface.
- Cross-check with PVI: NVI strong while PVI weakens can mark late-stage rallies where informed money holds but crowd enthusiasm fades.
- Use it as a long-horizon regime filter on daily data to tilt exposure, not to time individual entries.
Inputs
| Input | Type | Default | Range / Options |
|---|---|---|---|
| EMA length | number | 255 | 1–1000 |
| Timeframe | select | Chart | Chart / 1 minute / 5 minutes / 15 minutes / 30 minutes / 1 hour / 1 day / 1 week / 1 month |
| Wait for timeframe closes | boolean | On | — |
Plots & styling
| Plot | Style | Default color |
|---|---|---|
| NVI | line | #2962ff |
| NVI-based EMA | line | #ff9800 |
Every plot's color, line width and visibility can be changed on the Style tab. Precision (default 4 decimals), price-scale labels and status-line values are configurable at the bottom of the Style tab.
Tips
- Double-click the plot to open settings directly, skipping the legend hover.
- The pane keeps its height in saved layouts, so size it once and it survives reloads.
- Resize the pane by dragging its divider; collapse it from the legend row when you need the space back.
- A custom timeframe input lets it compute on a higher interval than the chart.
Watch out for
- It is inherently slow, ignoring every higher-volume bar, so it misses fast regime changes and confirms turns late.
- The smart-money interpretation is an assumption, not a mechanical fact, and results vary widely by instrument and era.