lmatl

Pivot OBV Reset [LM]

Hi traders,

I woud like to introduce new script of obv indicator that resets on creation of new pivot high or low. Note that it resets when it's known that it is a pivot . On the reset candle adds accumulated value from previous candles defined by i_right input.


It has following settings:

pivot setting - here you can infulence pivot detection
obv setting - here you can influence whether it should be multiplied by price or not, if it should show when the reset happen


Hope you'll enjoy it
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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Comments

LOVE the idea with resetting to baseline...been utilizing same principle with surprisingly better/diff analysis due to this simple feature. Thought the bg color was too big personally when resets happen relatively frequently so wanted to share something Ive found helps clear up some of the area...you may not, which is all good too ;) .

plot(10, color=barcount==reset_at?gray:na, linewidth=1, title="Vertical Lines at restart of length", style=plot.style_histogram)
plot(-10, color=barcount==reset_at?gray:na, linewidth=1, title="Vertical Lines at restart of length", style=plot.style_histogram). Histo makes it a line vs "bar-ish"...though it IS an extra line of code added to an already HUGE set of logic you got here ;) so....you know (shrug). Have a great day ma friend.
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