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lib/volume/pvi/Pvi.md
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# PVI: Positive Volume Index
| Property | Value |
| ---------------- | -------------------------------- |
| **Category** | Volume |
| **Inputs** | OHLCV bar (TBar) |
| **Parameters** | `startValue` (default 100.0) |
| **Outputs** | Single series (Pvi) |
| **Output range** | Unbounded |
| **Warmup** | `> 2` bars |
### TL;DR
- The Positive Volume Index tracks price changes exclusively on days when trading volume increases 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.
> "High volume days reveal where retail traders swarm; smart money prefers the quiet." — Norman Fosback
The Positive Volume Index tracks price changes exclusively on days when trading volume increases compared to the previous day. The underlying theory: retail investors—the "uninformed crowd"—drive high-volume trading days, often reacting emotionally to news and price movements. Institutional investors prefer to operate during quieter periods to avoid moving markets.
@@ -178,4 +195,4 @@ The danger signal: **PVI rising while NVI falling**. Retail enthusiasm without i
- Fosback, N. (1976). *Stock Market Logic*. Institute for Econometric Research.
- Investopedia. "Positive Volume Index (PVI)." [Definition](https://www.investopedia.com/terms/p/pvi.asp)
- StockCharts. "Positive Volume Index (PVI)." [Technical Indicators](https://school.stockcharts.com/doku.php?id=technical_indicators:positive_volume_index)
- TradingView. "PineScript ta.pvi()." [Reference](https://www.tradingview.com/pine-script-reference/v5/#fun_ta{dot}pvi)
- TradingView. "PineScript ta.pvi()." [Reference](https://www.tradingview.com/pine-script-reference/v5/#fun_ta{dot}pvi)