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lib/volume/nvi/Nvi.md
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# NVI: Negative Volume Index
| Property | Value |
| ---------------- | -------------------------------- |
| **Category** | Volume |
| **Inputs** | OHLCV bar (TBar) |
| **Parameters** | `startValue` (default 100.0) |
| **Outputs** | Single series (Nvi) |
| **Output range** | Unbounded |
| **Warmup** | `> 2` bars |
### TL;DR
- The Negative Volume Index tracks price changes exclusively on days when trading volume decreases compared to the previous day.
- Parameterized by `startvalue` (default 100.0).
- Output range: Unbounded.
- Requires `> 2` bars of warmup before first valid output (IsHot = true).
- Validated against TA-Lib, Skender, and Tulip reference implementations where available.
> "Low volume suggests smart money is at work; high volume days are for the crowd." — Norman Fosback
The Negative Volume Index tracks price changes exclusively on days when trading volume decreases compared to the previous day. The underlying theory: institutional investors—the "smart money"—prefer to accumulate or distribute positions during quiet, low-volume periods, while retail traders drive high-volume days with more emotional, less informed decisions.
@@ -179,4 +196,4 @@ NVI and PVI provide complementary signals:
- Fosback, N. (1976). *Stock Market Logic*. Institute for Econometric Research.
- Investopedia. "Negative Volume Index (NVI)." [Definition](https://www.investopedia.com/terms/n/nvi.asp)
- StockCharts. "Negative Volume Index (NVI)." [Technical Indicators](https://school.stockcharts.com/doku.php?id=technical_indicators:negative_volume_index)
- TradingView. "PineScript ta.nvi()." [Reference](https://www.tradingview.com/pine-script-reference/v5/#fun_ta{dot}nvi)
- TradingView. "PineScript ta.nvi()." [Reference](https://www.tradingview.com/pine-script-reference/v5/#fun_ta{dot}nvi)