LazyBear

Indicator: OBV Oscillator

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9182
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)
List of my free indicators: http://bit.ly/1LQaPK8
List of my indicators at Appstore: http://blog.tradingview.com/?p=970

Comments

Can you describe what makes your OBV different from the standard OBV offered? Do you think it gives more accurate divergence setups? Thanks....
+52 Reply
In addition to the divergence, how would you use this indicator?
+18 Reply
This is awesome thanks. What does it mean when the line color changes but the line has not yet crossed over zero?
+10 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.

+7 Reply
oye LazyBear
i am currently on trial. This indi pane is blank
Reply
oye oye
ignore this. Got it! Thanks
Reply
BitmexDegen LazyBear
@LazyBear, this one is tricky in that the osc shows divergence with price, while everything is normal on 'regular' obv. You would just go with the signal from the osc? (which obviously proved to be the right thing to do).
+1 Reply
OBV OSC is really nice! I've made a strategy around this but using WMA instead of EMA and filtering volume for OBV found "Trading Systems and Methods" book - relatively nice results too. Thanks for the idea on this! :)

+6 Reply
Thank you and can you please suggest when to initiate short or long using the indicator. I believe it can be used only stocks move up or down continuously right. Please suggest
+4 Reply
Hi, Is this still available ?
+3 Reply
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