Ease of Movement+

Effort = dollar volume (close × volume) instead of raw share volume. Following Amihud's (2002) illiquidity measure, dollar volume is a more meaningful, cross-comparable measure of trading effort / price impact — and it removes the arbitrary scaling divisor the classic formula needs.
Range = True Range instead of high − low, so overnight gaps are included.
Optional Kaufman adaptive smoothing (KAMA): faster in trends, slower in chop, to reduce EOM's well-known false signals in ranging conditions.
Raw-value winsorizing + rolling z-score standardization: extreme box-ratio spikes are clipped, and the output is standardized so readings stay comparable across symbols and regimes. The ±2σ guide lines therefore keep a consistent meaning.

HOW TO READ IT

Columns above zero = price advancing with relative ease; below zero = declining with ease.
Deeper colour = stronger ease relative to the recent lookback; touching ±2σ = unusually strong by recent standards.
The plotted value is a z-score (roughly ±3.5 after clipping), not a raw EOM number.
Best used for confirmation and divergence against price, not as a standalone signal. It pairs naturally with a cumulative volume line (e.g. OBV) and a money-flow tool — each answers a different question, so let them confirm one another rather than stacking redundant copies.

INPUTS

Effort source (dollar volume on/off), range source (True Range on/off)
Smoothing type (EMA / SMA / KAMA) and length
Winsorize on/off and band, z-score lookback, display clip

HONEST NOTES & LIMITATIONS
Of the changes above, only the dollar-volume effort term has direct academic backing (Amihud 2002). True Range, adaptive smoothing and z-scoring are principled engineering choices without EOM-specific published evidence. Like all volume oscillators, EOM+ is a lagging confirmation tool, not a predictor. This is not financial advice.

CREDITS
Ease of Movement — Richard W. Arms Jr. Dollar-volume / price-impact concept — Yakov Amihud (2002). Adaptive smoothing (Efficiency Ratio / KAMA) — Perry Kaufman. Open-source so every line can be read and verified.

發行說明

EOM+ is an efficiency-focused rebuild of Richard Arms' Ease of Movement. Standard EOM asks a useful question — how much did price move per unit of trading effort — but its raw output is hard to read, scale-dependent, and sensitive to gaps and outliers. EOM+ keeps that core idea, fixes those weaknesses, and adds two context layers, all in one pane.

WHAT IT DRAWS
1. A directional, colour-graded histogram of price-move efficiency. Above zero = price advancing with ease, below = declining with ease. Deeper colour = stronger relative to the recent lookback; the value is a z-score (roughly ±3.5 after clipping), not a raw EOM number.
2. Regular divergence dots vs price, drawn on the histogram swing they mark: green below a bullish pivot (price lower low + EOM+ higher low), red above a bearish pivot (price higher high + EOM+ lower high).
3. An optional Amihud illiquidity sparkline pinned to the top strip (off by default).

WHAT'S DIFFERENT FROM STANDARD EOM
- Effort = dollar volume (close × volume) instead of raw share volume. Following Amihud's (2002) illiquidity measure, dollar volume is a more meaningful, cross-comparable measure of trading effort / price impact, and it removes the classic formula's arbitrary divisor.
- Range = True Range instead of high − low, so overnight gaps are included.
- Optional Kaufman adaptive smoothing (KAMA): faster in trends, slower in chop, to reduce EOM's well-known false signals in ranging conditions.
- Raw-value winsorizing + rolling z-score standardization: extreme box-ratio spikes are clipped and the output is standardized, so readings stay comparable across symbols and regimes and the ±2σ guide lines keep a consistent meaning.

THE AMIHUD SPARKLINE
Amihud illiquidity = |return| / dollar volume = price impact per dollar traded — the one thing the z-score discards: the absolute, non-directional liquidity level. It is log-smoothed (geometric mean, spike-resistant) then percentile-ranked into the top strip, so read its shape, not its height (rising = liquidity thinning). It is symbol-dependent: nearly flat on thick, high-liquidity large-caps, and only informative on thinner / more volatile symbols where liquidity actually shifts — hence off by default.

HOW TO READ IT
Best used for confirmation and divergence against price, not as a standalone signal. It pairs naturally with a cumulative volume line (e.g. OBV) and a money-flow / volume profile — each answers a different question, so let them confirm one another rather than stacking redundant copies. On the divergence dots: a pivot needs a few confirming bars, so a dot prints a few bars after the swing and then stays put.

HONEST NOTES & LIMITATIONS
Of the changes above, only the dollar-volume effort term has direct academic backing (Amihud 2002); True Range, adaptive smoothing and z-scoring are principled engineering choices without EOM-specific published evidence. Like all volume oscillators, EOM+ is lagging confirmation, not prediction, and auto-divergence is especially noisy in strong trends — treat the dots as context. Everything here is inferred from OHLCV, not real order flow. This is not financial advice.

CREDITS
Ease of Movement — Richard W. Arms Jr. Dollar-volume / price-impact concept — Yakov Amihud (2002). Adaptive smoothing (Efficiency Ratio / KAMA) — Perry Kaufman. Open-source so every line can be read and verified.

發行說明

EOM+ is an efficiency-focused rebuild of Richard Arms' Ease of Movement. Standard EOM asks a useful question — how much did price move per unit of trading effort — but its raw output is hard to read, scale-dependent, and sensitive to gaps and outliers. EOM+ keeps that core idea, fixes those weaknesses, and adds two context layers, all in one pane.

WHAT IT DRAWS
1. A directional, colour-graded histogram of price-move efficiency. Above zero = price advancing with ease, below = declining with ease. Deeper colour = stronger relative to the recent lookback; the value is a z-score (roughly ±3.5 after clipping), not a raw EOM number.
2. Regular divergence dots vs price, drawn on the histogram swing they mark: green below a bullish pivot (price lower low + EOM+ higher low), red above a bearish pivot (price higher high + EOM+ lower high).
3. An optional Amihud illiquidity sparkline pinned to the top strip.

WHAT'S DIFFERENT FROM STANDARD EOM
- Effort = dollar volume (close × volume) instead of raw share volume. Following Amihud's (2002) illiquidity measure, dollar volume is a more meaningful, cross-comparable measure of trading effort / price impact, and it removes the classic formula's arbitrary divisor.
- Range = True Range instead of high − low, so overnight gaps are included.
- Optional Kaufman adaptive smoothing (KAMA): faster in trends, slower in chop, to reduce EOM's well-known false signals in ranging conditions.
- Raw-value winsorizing + rolling z-score standardization: extreme box-ratio spikes are clipped and the output is standardized, so readings stay comparable across symbols and regimes and the ±2σ guide lines keep a consistent meaning.

THE AMIHUD SPARKLINE
Amihud illiquidity = |return| / dollar volume = price impact per dollar traded — the one thing the z-score discards: the absolute, non-directional liquidity level. It is log-smoothed (geometric mean, spike-resistant) then percentile-ranked into the top strip, so read its shape, not its height (rising = liquidity thinning). It is symbol-dependent: nearly flat on thick, high-liquidity large-caps, and only informative on thinner / more volatile symbols where liquidity actually shifts — on by default, turn it off for thick large-caps where it just stays flat.

HOW TO READ IT
Best used for confirmation and divergence against price, not as a standalone signal. It pairs naturally with a cumulative volume line (e.g. OBV) and a money-flow / volume profile — each answers a different question, so let them confirm one another rather than stacking redundant copies. On the divergence dots: a pivot needs a few confirming bars, so a dot prints a few bars after the swing and then stays put.

HONEST NOTES & LIMITATIONS
Of the changes above, only the dollar-volume effort term has direct academic backing (Amihud 2002); True Range, adaptive smoothing and z-scoring are principled engineering choices without EOM-specific published evidence. Like all volume oscillators, EOM+ is lagging confirmation, not prediction, and auto-divergence is especially noisy in strong trends — treat the dots as context. Everything here is inferred from OHLCV, not real order flow. This is not financial advice.

CREDITS
Ease of Movement — Richard W. Arms Jr. Dollar-volume / price-impact concept — Yakov Amihud (2002). Adaptive smoothing (Efficiency Ratio / KAMA) — Perry Kaufman. Open-source so every line can be read and verified.

發行說明

EOM+ is an efficiency-focused rebuild of Ease of Movement. Standard EOM asks how far price moved per unit of volume; EOM+ keeps that idea but fixes the parts that make the raw number hard to trust or to compare between symbols, then adds a few optional read-outs on clearly separate axes. Everything is inferred from OHLCV, not real order flow.

The main plot is a directional efficiency histogram: ease of movement, z-scored against the symbol's own recent ease, so the +/-2 sigma guides mean the same thing on any symbol. Effort defaults to dollar volume (close x volume, after Amihud 2002, which stays comparable across time and symbols and removes the original formula's arbitrary divisor); range defaults to True Range so gaps are not ignored; smoothing can be EMA, SMA or Kaufman adaptive; and a rolling z-score with winsorizing stops one freak bar from dominating.

Three optional layers sit alongside it. An Amihud illiquidity sparkline in the top strip flags liquidity thinning (read its shape, not its height; nearly flat on thick large-caps, informative only on thinner or more volatile symbols). A PVT oscillator drawn as columns gives a magnitude-aware view of net flow on its own +/-1 scale, replicating the open-source "PVT Osc [UTS]" study. A consensus background tints green when the histogram and the PVT columns both point up, red when both point down, and stays clear when they disagree -- the clear stretches, where the two volume reads pull apart, are the part worth pausing on.

Honest notes: only the dollar-volume term has direct academic backing; True Range, KAMA, the z-score and the consensus are principled engineering choices, not EOM-specific findings. Like all volume tools this is lagging confirmation, not prediction, and the consensus is a two-axis volume agreement only -- it says nothing about price action or VSA on its own. Nothing here is financial advice.

Credits: Ease of Movement, Richard W. Arms Jr.; dollar-volume and illiquidity, Amihud (2002); adaptive smoothing, Perry Kaufman; True Range, J. Welles Wilder; the PVT oscillator replicates the open-source "PVT Osc [UTS]" study, credit to its author. Published open-source.

發行說明

EOM+ is an efficiency-focused rebuild of Ease of Movement. Standard EOM asks how far price moved per unit of volume; EOM+ keeps that idea but fixes the parts that make the raw number hard to trust or to compare between symbols, then adds a few optional read-outs on clearly separate axes. Everything is inferred from OHLCV, not real order flow.

The main plot is a directional efficiency histogram: ease of movement, z-scored against the symbol's own recent ease, so the +/-2 sigma guides mean the same thing on any symbol. Effort defaults to dollar volume (close x volume, after Amihud 2002, which stays comparable across time and symbols and removes the original formula's arbitrary divisor); range defaults to True Range so gaps are not ignored; smoothing can be EMA, SMA or Kaufman adaptive; and a rolling z-score with winsorizing stops one freak bar from dominating.

Three optional layers sit alongside it. An Amihud illiquidity sparkline in the top strip flags liquidity thinning (read its shape, not its height; nearly flat on thick large-caps, informative only on thinner or more volatile symbols). A PVT oscillator drawn as columns gives a magnitude-aware view of net flow on its own +/-1 scale, replicating the open-source "PVT Osc [UTS]" study. And divergence dots mark where these two volume axes pull apart at a swing: a green dot below when cumulative PVT makes a lower low while EOM+ makes a higher low (flow still bottoming, pushes easing up), a red dot above when PVT makes a higher high while EOM+ makes a lower high (flow still topping, pushes getting harder).

Honest notes: only the dollar-volume term has direct academic backing; True Range, KAMA, the z-score and the divergence logic are principled engineering choices, not EOM-specific findings. Like all volume tools this is lagging confirmation, not prediction, and the divergence dots compare two volume-derived axes only -- they are early warnings, noisy in trends, and say nothing about price action or VSA on their own. Nothing here is financial advice.

Credits: Ease of Movement, Richard W. Arms Jr.; dollar-volume and illiquidity, Amihud (2002); adaptive smoothing, Perry Kaufman; True Range, J. Welles Wilder; the PVT oscillator replicates the open-source "PVT Osc [UTS]" study, credit to its author. Published open-source.

發行說明

Ease of Movement+ is an efficiency-focused rebuild of Richard Arms' Ease of Movement, drawn as a directional histogram around a true zero. The core reading is raw EOM (midpoint move times range, divided by effort), where effort is dollar volume in the spirit of Amihud and range is True Range to stay gap-aware. Raw EOM is fat-tailed because its denominator carries volume, so a low-volume wide-range bar makes the ratio blow up. Earlier versions tamed this with a rolling z-score, but the z-score moved the zero to the recent average; it has been removed. In its place, fat tails are handled by sign-log compression, sign(x) times log(1 plus the absolute value of x), which keeps the sign, leaves small values almost unchanged, compresses large outliers, and leaves zero at exactly zero. The compressed value is EMA-smoothed (SMA or Kaufman adaptive are also available), then divided by its own rolling maximum absolute value to scale it to about minus 1 to plus 1 for display. Because every step only compresses or divides and never subtracts a baseline, the true zero is preserved throughout: zero means the price midpoint did not move, an absolute neutral rather than a recent mean, so above zero is up-ease and below zero is down-ease. Cross-symbol comparability, which the old z-score also provided, is intentionally given up in exchange for a stable, meaningful zero. An optional Amihud illiquidity line shows how thin liquidity is: raw ILLIQ (absolute return divided by dollar volume) is log-compressed, smoothed, then rescaled to 0 to 1 by a rolling min-max, which keeps it moving on a slowly drifting series where a percentile rank would pin near 0 or 1. It is symbol-dependent and best turned off on thick large-caps. An optional PVT oscillator, a UTS-style replica of cumulative Price Volume Trend normalized to plus or minus 1, is drawn as columns on its own separate axis, co-located only to save a pane. Optional divergence dots compare net flow against efficiency: swings are anchored on cumulative PVT, the standard basis for PVT divergence, and checked against the pre-normalization EOM at those swings, printing a green dot below for bullish divergence and a red dot above for bearish. Everything here is inferred from OHLCV, not real order flow. Built on public, well-documented concepts (Arms' Ease of Movement, Amihud 2002 illiquidity, Price Volume Trend), implemented from scratch in original Pine. Descriptive context only, not a signal and not financial advice.

發行說明

Ease of Movement+ is an efficiency-focused rebuild of Richard Arms' Ease of Movement, drawn as a directional histogram around a true zero. The core reading is raw EOM (midpoint move times range, divided by effort), where effort is dollar volume in the spirit of Amihud and range is True Range to stay gap-aware. Raw EOM is fat-tailed because its denominator carries volume, so a low-volume wide-range bar makes the ratio blow up. Earlier versions tamed this with a rolling z-score, but the z-score moved the zero to the recent average, so it was removed. In its place, fat tails are handled by sign-log compression, sign(x) times log(1 plus the absolute value of x), which keeps the sign, leaves small values almost unchanged, compresses large outliers, and leaves zero at exactly zero. The compressed value is then divided by its own rolling maximum absolute value to scale it to about minus 1 to plus 1 for display. There is no moving-average smoothing: the histogram shows each bar's own value, left responsive rather than lagged, so it reads as raw and choppy by design. Because every step only compresses or divides and never subtracts a baseline, the true zero is preserved throughout: zero means the price midpoint did not move, an absolute neutral rather than a recent mean, so above zero is up-ease and below zero is down-ease. Cross-symbol comparability, which the old z-score also provided, is intentionally given up in exchange for a stable, meaningful zero. An optional Amihud illiquidity line shows how thin liquidity is: raw ILLIQ (absolute return divided by dollar volume) is log-compressed, smoothed, then rescaled to 0 to 1 by a rolling min-max, which keeps it moving on a slowly drifting series where a percentile rank would just pin near 0 or 1. It is symbol-dependent and best turned off on thick large-caps. Optional divergence dots compare net flow against efficiency: swings are anchored on cumulative Price Volume Trend, the standard basis for PVT divergence, and checked against the EOM at those same swings, printing a green dot below for bullish divergence and a red dot above for bearish. Cumulative PVT is computed only as the swing basis and is not plotted, since a plotted "short minus long" version would be a MACD-style oscillator of PVT rather than PVT itself. Everything here is inferred from OHLCV, not real order flow. Built on public, well-documented concepts (Arms' Ease of Movement, Amihud 2002 illiquidity, Price Volume Trend), implemented from scratch in original Pine. Descriptive context only, not a signal and not financial advice.

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