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This oscillator is loosely related to the MACD however instead of Price, we are looking at volume. It is a calculation of the difference between two Exponential Moving Averages of the Volume e.g. :
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The final calculations result in a line that oscillates above and below the 0 (zero) point as each EMA crosses over. Whilst the crossover events relate only to Volume and not to price, it can be used as a useful confirmation indicator. |
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