LazyBear

Indicator: OBV Oscillator

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Everyone uses OBV, right? This indicator makes it easy to read it by building an oscillator out of it.

Also, now look for OBV divergences easily :)

Appreciate any comments / thoughts.
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//
// @author LazyBear
// 
// Appreciate a note if you use this code anywhere. 
// 
study(title="On Balance Volume Oscillator [LazyBear]", shorttitle="OBVOSC_LB")
src = close
length=input(20)
obv(src) => cum(change(src) > 0 ? volume : change(src) < 0 ? -volume : 0*volume)
os=obv(src)
obv_osc = (os - ema(os,length))
obc_color=obv_osc > 0 ? green : red
plot(obv_osc, color=obc_color, style=line,title="OBV-Points", linewidth=2)
plot(obv_osc, color=silver, transp=70, title="OBV", style=area)
hline(0)
Like it...Good Job
+1 Reply
LazyBear PRO ChrisMoody
Thanks.
+2 Reply
Yup very sexy idea :)
+1 Reply
:)
+1 Reply
MikeBurnsFL LazyBear
cant get it to load in think or swim ??
Reply
This one does not load correctly for some reason
+1 Reply
LazyBear PRO QuantitativeExhaustion
Is it throwing an error or simply showing "loading...."?

This morning I had issues loading custom indicators. TV server update?
+1 Reply
Here's a real world usecase for OBV osc over plain OBV. Observe how the divergences are called clearly on the oscillator, in addition to showing the state of OBV.

snapshot
+1 Reply
oye LazyBear
i am currently on trial. This indi pane is blank
Reply
oye oye
ignore this. Got it! Thanks
Reply
This is great. I'm just learning about OBV. Is there any way to visually enhance its trend divergence from price itself? How can we get a chart to scream "bullish divergence!" more easily? I know that one of the problems is that intervals are arbitrary.
Reply
Works for me! A good addition to regular OBV.
Reply
Hi Lazy

will this work for forex?
Reply
LazyBear PRO stock1111
Volume is not exposed for FX. Works with futures, though.
Reply
thanks was looking for general OBV script.
My own plan is to wrap the OBV in an RSI and then compare to RSI for price.
I simply want to bound the range...sounds like RSI is the way to go.
Reply
YW. I agree with the idea to look for RSIOBV/RSI confluence, I tried it once, may be time to revist :) Here's RSIOBV (bottom pane) compared to RSI (middle pane)

snapshot
Reply
cant get it to load in think or swim ??
Reply
SunnyBTC PRO MikeBurnsFL
it's written in pine script - tradingview's own scripting language ;)
Reply
I like your indicator. I'm beginning to use it. How it works for ES_F?
Thanks
Reply
Man, this looks unbelievable really! Thanks a lot!
Reply
This is awesome thanks. What does it mean when the line color changes but the line has not yet crossed over zero?
Reply
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