This is my first published script, so feel free to let me know if you see room for improvements.
//////////////////////////////////////////////////////////// // Copyright by Playak v1.0 29/01/2015 // Cumulative Force Indicator. Can also be seen as an OBV // indicator that takes the price differences into account. // In a regular OBV, a high volume bar can make a huge difference, // even if the price went up only 0.01, and it it goes down 0.01 // instead, that huge volume makes the OBV go down, even though // hardly anything really happened. //////////////////////////////////////////////////////////// study(title="Cumulative Force / Weighted OBV", shorttitle="cForce") b = input(title="Close relative to open (default is relative to previous close)", type=bool, defval=false) force = volume * (close - (b ? open: nz(close))) xforce = cum(force) plot(xforce)