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)
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
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thank you
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HOW TO USE IN MY TRADINGVEW?
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Can you describe what makes your OBV different from the standard OBV offered? Do you think it gives more accurate divergence setups? Thanks....
+10 Reply
@LazyBear Used this script to build a new one that encloses bollinger bands, trend coloring and coloring the OBV oscillator line when it manages to leave the bands, proper credits given :

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for some reason it just started loading blank
+1 Reply
In addition to the divergence, how would you use this indicator?
+6 Reply
Why did you decide to use ema over sma in this case?
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awesome! thanks!
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