OPEN-SOURCE SCRIPT
Triple OBV
The on-balance volume (OBV) is a momentum indicator reflecting the volume inflow or outflow based on the price changes. Here I further develop this indicator as a triple OBV indicator, in which I apply obv10, obv20, and obv40 as the short-, intermediate-, and long-term OBVs.
To better visualize the triple OBV movement, three OBV lines are colored-coded based on the trends (uptrend: blue; no trend: gray; downtrend: red). Also, I use obv180 as a noise filter to show the reversal signals. Note that for any given trend reversals, three OBV lines must go through a convergent phase.
To better visualize the triple OBV movement, three OBV lines are colored-coded based on the trends (uptrend: blue; no trend: gray; downtrend: red). Also, I use obv180 as a noise filter to show the reversal signals. Note that for any given trend reversals, three OBV lines must go through a convergent phase.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.