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amibrokers has this calculation for TSV:

_SECTION_BEGIN(" Time Segmented Volume ");

t=(Sum(IIf( C>Ref(C,-1), (V*(C-Ref(C,-1))),IIf(C<Ref(C,-1),(V*(C-Ref(C,-1))),0)),13));
m=MA(t ,7 );
Plot(t, "Time Segmented Volume 13", colorRed);
Plot(m, " Simple Moving Average 7" , colorYellow);

_SECTION_END();

Key: t is calculated TSV; read IIF as IF (happily, IIF has been defenestrated); C is the close on the current bar; (C,-1) is the close on the just-previous bar. @chrisaycock points out below that the usual trading day in the US has 13 half-hour periods, represented perhaps by the constant 13.

Can you comment on the correctness of the calculation? Or suggest a better one?

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    $\begingroup$ There are 13 half-hour periods in a typical US trading day. $\endgroup$ – chrisaycock Jan 22 '12 at 22:01

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