OPEN-SOURCE SCRIPT
On Balance Volume HLOC with Average
I am playing OBV now.
The original OBV is only calculate CLOSE.
I got an idea about XOBV with HLOC.
A bar has 5 periods:
- Open--Low--Open--Close--High--Close or
- Open--High--Open--Close--Low--Close
Assume that volume will evenly distributed on these 5 periods. Only Open--Close period has effective changed volume.
So XOBV = OBV * abs(close-open)/(2*(high-low)-abs(close-open)))
Better use XOBV and OBV both. Divergence and same price comparison are worth to watching.
The original OBV is only calculate CLOSE.
I got an idea about XOBV with HLOC.
A bar has 5 periods:
- Open--Low--Open--Close--High--Close or
- Open--High--Open--Close--Low--Close
Assume that volume will evenly distributed on these 5 periods. Only Open--Close period has effective changed volume.
So XOBV = OBV * abs(close-open)/(2*(high-low)-abs(close-open)))
Better use XOBV and OBV both. Divergence and same price comparison are worth to watching.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
遁一子交易入道 jesselau.com/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
遁一子交易入道 jesselau.com/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.