OPEN-SOURCE SCRIPT
Updated Custom OBV with SMA and Signals
Key Features:
Custom OBV: This script calculates the On-Balance Volume (OBV) based on price movement and volume.
SMA on OBV: The script adds a Simple Moving Average (SMA) on top of the OBV line. The SMA period can be customized via the input parameter.
Background Shading: The background will change color when the OBV is above or below the SMA, providing visual clues for potential bullish or bearish conditions.
Green background indicates OBV is above the SMA (bullish).
Red background indicates OBV is below the SMA (bearish).
Usage:
When OBV is above the SMA: This suggests that volume is increasing in line with the price, which is typically considered bullish.
When OBV is below the SMA: This suggests that volume is decreasing or not confirming the price increase, which can be a bearish signal.
You can adjust the SMA period according to your preferences.
Custom OBV: This script calculates the On-Balance Volume (OBV) based on price movement and volume.
SMA on OBV: The script adds a Simple Moving Average (SMA) on top of the OBV line. The SMA period can be customized via the input parameter.
Background Shading: The background will change color when the OBV is above or below the SMA, providing visual clues for potential bullish or bearish conditions.
Green background indicates OBV is above the SMA (bullish).
Red background indicates OBV is below the SMA (bearish).
Usage:
When OBV is above the SMA: This suggests that volume is increasing in line with the price, which is typically considered bullish.
When OBV is below the SMA: This suggests that volume is decreasing or not confirming the price increase, which can be a bearish signal.
You can adjust the SMA period according to your preferences.
Release Notes
Background changes when the OBV is above/below SMA 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.
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.
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.