Marney Volume Indicator

Definition

The Marney Volume Indicator (MVI) is used to plot a time-adjusted profile of volume throughout the 24-hour trading day. The MVI takes the true range of each hour of the day over a preceding number of days and plots that value as a time-adjusted average.
Developed by Caspar Marney.

The indicator takes each hour of the day (for example, 8:00 to 9:00 a.m.) and then calculates the average volume for that hour over the past N days. Thus it gives you a measurement of whether the current volume is larger or smaller than is typical for that specific time period.

Default Inputs

avgLen sets the average length of the series, 10 by default.

mins.in.session sets the number of minutes in session, 1440 by default.

autobars, true by default.

UpColor sets the color for indicator values that are relatively high over avgLen bars, cyan by default.

DnColor sets the color for indicator values that are relatively low over avgLen bars, red by default.