> For the complete documentation index, see [llms.txt](https://chartschool.stockcharts.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://chartschool.stockcharts.com/table-of-contents/technical-indicators-and-overlays/technical-indicators/ease-of-movement-emv.md). # Ease of Movement (EMV) ## What Is the Ease of Movement (EMV) Indicator? Ease of Movement (EMV) is a volume-based oscillator that fluctuates above and below the zero line. It was developed by Richard Arms to measure the “ease” of price movement.
Arms created [EquiVolume](/table-of-contents/chart-analysis/chart-types/equivolume.md) charts to visually display price ranges and volume. Ease of Movement takes EquiVolume to the next level by quantifying the price/volume relationship and showing the results as an oscillator. Prices are generally advancing with relative ease when the oscillator is in positive territory. Conversely, prices are declining with relative ease when the oscillator is in negative territory. ## Calculating the EMV There are two parts to the EMV formula: **Distance Moved**, and the **Box Ratio**, which is based on volume and the high-low range. The Distance Moved compares the current period's midpoint with the prior period's midpoint—the high plus the low divided by two. Distance moved is positive when the current midpoint is above the prior midpoint and negative when the current midpoint is below the prior midpoint. Distance moved is shown as the numerator in the formula below. ``` Distance Moved = ((H + L)/2 - (Prior H + Prior L)/2) Box Ratio = ((V/100,000,000)/(H - L)) 1-Period EMV = Distance Moved / Box Ratio 14-Period Ease of Movement = 14-Period simple moving average of 1-period EMV ``` The Box ratio is calculated using volume and the high-low range. EquiVolume charts are based on volume and the high-low range as well. The Box ratio is the denominator of EMV. Note that volume is divided by 100,000,000 to keep it relevant with the other numbers. Relatively low volume and a relatively large high-low range will produce a smaller denominator (Box Ratio), which means the EMV value will be larger because of division by a smaller number. The Box Ratio would be 0.50 if V/100,000,000 equals two and the high-low range equals four. A wide range on low volume implies relatively easy price movement. In other words, it didn't take much volume to move prices. A relatively small high-low range on high volume would produce a larger denominator, which means the EMV value will be smaller. The denominator would be two if V/100,000,000 equals four and the high-low range equals two. This implies that price movement was difficult because there was a relatively small high-low range on big volume.

Spreadsheet showing calculation of EMV indicator values

Click below to download this spreadsheet example. {% file src="/files/kxGXYP99VzBxfigfjO45" %} ## Interpreting the EMV EMV interpretation is simple: when EMV is above the zero line, prices are advancing with ease, and when EMV is below the zero line, prices are declining with ease. The further from the zero line, the easier the move. When EMV is near the zero line, prices are likely in a trading range. ### Easy vs. Difficult Movement To understand what's being measured with the EMV indicator, it is helpful to look at a chart with a 1-period EMV on it. Then we can see more directly where the EMV values are coming from. The example below shows the Nasdaq 100 ETF (QQQ) with the one-period EMV in the lower indicator window. EquiVolume bars are used because they show only the high-low range for the given period. The blue arrows show two small EMV values, one slightly positive and the other slightly negative. Volume on both days was above average, but the high-low range was modest or even small. This means prices had difficulty moving even though volume was relatively high.

It is easy to see how EMV works when the chart uses a 1-period EMV

The red arrow in late June shows an EMV value near -3, which is fairly negative for this symbol. This is because volume was low and the high-low range was large. This implies that prices declined with relative ease and there was little or no buying pressure. The green arrow in late July shows an EMV value near +3. Again, volume was low and the high-low range was large. This means prices advanced with relative ease and there was little or no selling pressure. ### Smoothing the EMV Values While the example above showed the EMV values for a single day using a 1-period EMV, the values for this indicator are typically smoothed with a moving average. The 1-period EMV is choppy and prone to whipsaws; the standard 14-period smoothed EMV gives a better picture of trends in ease of movement. The chart below shows Abbott Laboratories (ABT) with the 14-period Ease of Movement indicator. This is a 14-period simple moving average of each period's EMV value. In early March, EMV drops below the zero line and stays well below it for almost three months. This is reflected in the ease with which price drops over that timeframe.

A 14-period smoothed EMV shows conditions where price can advance or decline with ease

In late May, EMV crosses back above the zero line, and the trend turns upward. It gets off to a rocky start, with a few bars dropping below the trend line in July; EMV also drops briefly below its zero line at that time. After that dip, however, prices really take off. The period from mid-July to late August is characterized by lower volume and larger high-low ranges - the perfect recipe for easy price movement upwards. At the beginning of August, EMV peaks above +30. ### Confirming Signals with EMV Ease of Movement is best used to confirm other indicators or chart analysis. In other words, it is not a standalone indicator. Keep in mind that the Distance Moved portion of the formula is the positive/negative driver of this indicator. EMV is generally positive when the midpoint rises and negative when the midpoint falls. This means EMV will generally rise and fall along with the price of the underlying security. The amount of this rise or fall depends on the Box Ratio. Chartists can use EMV to confirm a breakout on the price chart or a bullish indicator signal. Conversely, a move into negative territory can be used to confirm a breakdown on the price chart or a bearish indicator signal. The example below shows Philip Morris (PM) with a bearish breakdown in early March and a bullish breakout in late April. Prior to the bearish breakdown, EMV deteriorated for over a month and dipped close to negative territory in February. With the stock rising and EMV declining in February, the advance was becoming more laborious (difficult). The stock broke support with a decline in early March, and EMV confirmed with a dip into negative territory. After negative readings for most of March, EMV began to improve and moved into positive territory in late April. After a slow start, price shot upward in May, with a peak EMV value over +200.

EMV can be used to confirm price breakouts and breakdowns

The second example shows Colgate-Palmolive (CL) with EMV confirming [Relative Strength Index (RSI)](/table-of-contents/technical-indicators-and-overlays/technical-indicators/relative-strength-index-rsi.md) signals and the price chart. After consolidating in November and December, CL advanced sharply in early January, as RSI crossed above 50 and moved up into overbought territory. Notice that EMV hugged the zero line during the consolidation, but moved up above the zero line in early January and stayed there until early March. RSI broke down in early March, crossing below 50 and flirting with oversold territory. Both price and EMV values dropped sharply as well. After a couple of weeks, prices leveled out and consolidated, while EMV moved up to and hugged the zero line once again. in late April, CL made another move as RSI crossed above 50 again and prices moved up. The upward move was not as easy as in January and February; the EMV values, while positive, generally stayed closer to zero than they had on the earlier upward move.

EMV can be used to confirm bullish and bearish indicator signals

## The Bottom Line Ease of Movement (EMV) combines price direction with volume to create a volume-based momentum oscillator. Because it is closely tied with price changes, EMV tends to track the price of the underlying security quite closely. For the most part, EMV is used to confirm signals derived from the price chart or other indicators. Chartists looking for a smoother EMV line can lengthen the lookback period. *** ## Charting with the EMV ### Using with SharpCharts Ease of Movement (EMV) can be set as an indicator above, below or behind a security's price plot. Once the indicator is chosen from the dropdown menu, an EMV indicator is added to the chart with the default setting of 14 periods. Users can adjust the periods by changing the number in the Parameters box. Chartists can also add a moving average using the Overlay setting for the EMV indicator. In the example below, a 10-day SMA was added to the 28-day EMV indicator. For the 14-day EMV indicator set behind price, the color was changed to blue for better visibility. [Click here for a live version of this chart.](https://stockcharts.com/sc3/ui/?s=XLB\&a=2352316869\&p=D\&b=5\&g=0\&id=p31900581834)

SharpCharts settings for the EMV indicator

{% hint style="info" %} **Learn More:** For more details on the parameters used to configure EMV indicators, please see our [SharpCharts Parameter Reference](https://help.stockcharts.com/charts-and-tools/sharpcharts/sharpcharts-workbench/editing-sharpcharts/sharpcharts-parameter-reference#ease_of_movement_emv) in the Support Center. {% endhint %} ### Using with StockChartsACP This indicator can be added from the Chart Settings panel for your StockChartsACP chart. The indicator can be positioned above, below, or behind the security's price plot.
[Click here for a live version of this chart.](https://schrts.co/BerpiXaf) By default, the indicator uses 14 periods for the smoothing. This parameter can be adjusted to meet your technical analysis needs. ## Scanning for the EMV StockCharts members can screen for stocks based on EMV values. Below are some example scans that can be used for EMV-based signals. Simply copy the scan text and paste it into the Scan Criteria box in the [Advanced Scan Workbench](https://stockcharts.com/def/servlet/ScanUI). Members can also set up alerts to notify them when an EMV-based signal is triggered for a stock. Alerts use the same syntax as scans, so the sample scans below can be used as a starting point for setting up alerts as well. Simply copy the scan text and paste it into the Alert Criteria box in the [Technical Alert Workbench](https://stockcharts.com/h-al/al). ### EMV Crosses above Zero This simple scan searches for stocks where the EMV crossed from negative territory to positive territory. ``` [type = stock] AND [country = US] AND [Daily SMA(20,Daily Volume) > 100000] AND [Daily SMA(60,Daily Close) > 20] AND [Daily EMV(14) crosses 0] ``` ### EMV Crosses below Zero This simple scan searches for stocks where the EMV crossed from positive territory to negative territory. ``` [type = stock] AND [country = US] AND [Daily SMA(20,Daily Volume) > 100000] AND [Daily SMA(60,Daily Close) > 20] AND [0 crosses Daily EMV(14)] ``` {% hint style="info" %} **Learn More:** For more details on the syntax to use for Ease of Movement scans, please see our [Scanning Indicator Reference](https://help.stockcharts.com/scanning-and-alerts/scan-writing-resource-center/scan-syntax-reference/scan-syntax-technical-indicators#ease_of_movement_emv) in the Support Center. {% endhint %} {% hint style="warning" %} **Note**: For scanning purposes, daily volume data is incomplete during the trading day. When running scans with volume-based indicators like EMV, base the scan on the “Last Market Close.” Examples of other volume-based indicators include Accumulation/Distribution, On Balance Volume, and the PVO. {% endhint %} --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://chartschool.stockcharts.com/table-of-contents/technical-indicators-and-overlays/technical-indicators/ease-of-movement-emv.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.