Klinger Volume Oscillator

The Klinger Volume Oscillator (KVO) was developed by Stephen Klinger to determine the long-term trend of money flow while remaining sensitive enough to detect short-term fluctuations. It combines price direction, intraday price range, and volume to produce a Volume Force measure, then plots the difference between fast and slow EMAs of this Volume Force as the oscillator, alongside a signal line (EMA of the oscillator). Crossovers between the KVO and its signal line generate buy and sell signals. The KVO is designed to confirm the sustainability of price trends — a rising KVO during a price uptrend suggests genuine accumulation; a falling KVO during a rally suggests the price move may not be supported by volume and is vulnerable to reversal. It is used as a volume-trend confirmation tool alongside price-based indicators.