The Close Location Value (CLV) is one of the indicators using the location of Close related to Low and High for the same period. It is, therefore, trying to spot the tendency in the price move of the security.
Calculation
The calculation for the Close Location Value indicator is:
CLV = ((Close - Low) - (High - Close)) / (High - Low)
This determines the location of the Close compared to the Low and High. The indicator oscillates between -1 and 1, the closer the Close is to the High, the closer it is to 1, which is considered a bullish signal. The closer a period's Close is to Low, the closer the indicator value is to -1, which is considered bearish.