OBV's %B — Indicator by inno14

Indicator display where OBV (On Balance Volume) is in relation to the bands of Bollinger Bands (OBV,100,3)

A. OBV's Bb Info
1. Basis = SMA (OBV,100)
2. Upper Band = Basis + 3 x Standard Deviation
3. Lower Band = Basis - 3 x Standard Deviation

B. OBV's %B Info
1. %B Above 1 = OBV is Above the Upper Band
2. %B Below 0 = OBV is Below the Lower Band
3. %B Above 0.8 = OBV is Nearing the Upper Band
4. %B Below 0.20 = OBV is Nearing the Lower Band

Release Notes:

* Update to Pine version 5
* Add Signal Background
* Buy Signal:
- When obv inside Support Zone (0.0 - 0.2)
* Sell Signal:
- When obv inside Resistance Zone (0.8 - 1.0)

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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