OPEN-SOURCE SCRIPT

OBV High / LOW (On-Balance Volume )

Updated

This is a simple application of OBV indicator (On-Balance Volume ), to visually determine when a given stock current obv is near the highest or lowest based on the number of lookback bars.

Indicator examples:

### OBV value is near an all-time high ##

breakthrough, stock value could set new all-time highs.
rejection, stock value could come down or consolidate.

Example

Inputs

OBV High Lookback -> numbers of bars to look back for the obv high.
OBV LowLookback -> numbers of bars to look back for the obv low.
OBV EMA Length -> Ema length

Notes:

This script also comes with an ema indicator based on obv for smoothing the obv signal since it gets noise at lower timeframes (by default comes disabled)

OBV information
https://www.investopedia.com/terms/o/onbalancevolume.asp

Comments:
This is my first script any ideas, suggestions, or detected errors (language/script) don´t hesitate to send a message.

Best regards, Mauro.

Release Notes

Minor fix : Change OBV plot color from white to yellow to fix white theme problem

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 publication is governed by House rules. You can favorite it to use it on a chart.

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Disclaimer

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