Volume

Percentage Volume Oscillator

PVO

Applies the same MACD-style fast/slow EMA crossover logic to volume rather than price, then normalises the result as a percentage. Positive PVO means short-term volume exceeds the longer-term average, signalling rising interest.

Tips

PVO spiking above zero at the same time as a price breakout confirms the move has genuine participation behind it

Persistent negative PVO during a price rally (declining volume trend) is a bearish divergence—the rally may be running out of buyers

Parameters

Fast EMA

2 - 50

Slow EMA

2 - 100