A sophisticated volume oscillator that combines direction, effort, and range into one money-flow reading — designed to track the long arc of accumulation while staying alert to short-term reversals.
The Klinger Volume Oscillator (KVO) was introduced by Stephen Klinger in 1997. Unlike the simple cumulative lines that OBV and the A/D Line offer, KVO is an ambitious instrument built to satisfy two opposing demands at once: track the long arc of money flow, and still respond promptly to short-term reversals.
At the heart of KVO sits a constructed quantity called Volume Force — not raw volume, but volume weighted by direction and by intensity. It is an attempt to measure the sum of conviction carried by a day's trading, rather than the trading itself. The final KVO line is the difference between two exponential moving averages of Volume Force.
Beneath the dense formula, the design is consistent: compress price, volume, and range into a single oscillator that reads the tone of money flow.
Members Only
Full access is reserved for members of the library.