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Klinger Volume Oscillator by Stephen Klinger
In "Identifying trends with volume analysis" in this issue, Stephen Klinger gives a new approach for using volume. The TradeStation Traders' Tip this month is based on the volume oscillator (KVO) presented in the article. For TradeStation and SuperCharts, we'll call the indicator Volume Osc. This indicator can plot both the short-term and long-term versions of the oscillator.

The indicator uses a total of four inputs: FastX determines the length of the faster (shorter) exponential moving average of the volume force; SlowX determines the length of the slower (longer) exponential moving average of the volume force; Trigger determines the length of the exponential moving average used to smooth the KVO line; and Smooth determines the amount of smoothing of the KVO and trigger lines using a summation of the values. The Smooth input allows for the generation of smoothed plot lines for longer-term analysis. If the Smooth input is set to 1 or zero, no smoothing will be in effect.

The process of developing this indicator begins with the creation of two functions, Vforce and KVO. These two functions basically provide supporting calculations, which will allow the oscillator values to be easily referenced from other custom studies. The two functions should be created in the order presented below, using their assigned names.


Type: Function, Name: VForce

Vars: TSum(0), Trend(0), DM(0), CM(0);

TSum = High + Low + Close;
IF TSum > TSum[1] Then

Trend = 1
Else
Trend = -1;
IF Trend = Trend[1] Then
CM = CM + Range
Else
CM = Range + Range[1];
IF CM <> 0 Then
VForce = Volume * AbsValue(2 * (DM/CM) -1) * Trend * 100;

 


Type: Function, Name: KVO

Inputs:
FastX(Numeric),
SlowX(Numeric); Vars:
FXAvg(0),
SXAvg(0);

FXAvg = XAverage(VForce, FastX);
SXAvg = XAverage(VForce, SlowX);
KVO = FXAvg - SXAvg;

 
 
Once the two functions have been created and verified, the indicator can then be created. The indicator should be scaled to "screen."

 


Type: Indicator, Name: Klinger Volume Oscillator

Inputs:
FastX(34),
SlowX(55),
TrigLen(13),
Smooth(1);

Vars:
Trigger(0);Trigger = XAverage(KVO(FastX, SlowX), TrigLen);IF Smooth <= 1 Then Begin
Plot1(KVO(FastX, SlowX), "KVO");
Plot2(Trigger, "KVO Trigger");
End Else BeginPlot1(Summation(KVO(FastX, SlowX), Smooth), "KVO");
Plot2(Summation(Trigger, Smooth), "KVO Trigger");
End;

Plot3(0, "Zero");
IF Plot1 Crosses Above Plot2 OR Plot1 Crosses Below Plot2 OR
Plot2 Crosses Above Plot3 OR Plot2 Crosses Below Plot3 Then
Alert = True;

 
t-i-Klinger_Volume_Oscillator.gif
This code is available at Omega Research's Web site. The file name is "KVO.ELA." Please note that all Traders' Tips posted at the Omega Research Web site can be utilized by both TradeStation and SuperCharts software. Whenever possible, the posted techniques will be given in both Quick Editor and Power Editor formats.

--Gaston Sanchez
Omega Research
800 422-8587, 305 270-1095
Internet: http://www.omegaresearch.com
Source / From: TOP
http://www.traders.com
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