marketmusician

Anchored OBV RSI: "V-RSI"

marketmusician Updated   
About the Indicator:

V-RSI uses values from the traditional "Relative Strength Index(RSI)" oscillator and the "On Balance Volume(OBV)" indicator and anchors them into an oscillator format. In doing so, we are given a more concrete overview of volume/sentiment data relative to the RSI for analysis of trend strength and decision making.

EXTRAS: BTC MODE => for BTC only.

In BTC MODE, the indicator uses BTC volume data from the following 5 major exchanges: BINANCE, COINBASE, FTX, BITMEX, BITFINEX.
The sum of this data is taken to depict anchored OBV values. This allows for a more accurate representation of Global Volume.

How to use it

The indicator can be used like the normal RSI with the OBV (area in the middle) showing volume sentiment.
<50 is seen as bearish
>50 is seen as bullish

Using this data, it becomes easier to identify unsustainable trends, reversals, divergences

An example of an unsustainable trend and reversal would be if RSI values are overbought ( RSI > 70) yet OBV oscillator remains below 50.
== chances of unsustainable trend reversal are more likely.

For more questions, send me a message here on Tradingview.

Happy trading,
MM :)

Release Notes:
BTC MODE off by default now. Turn it on when trading btc.

Protected script
This script is published closed-source but you may use it freely. You can favorite it to use it on a chart. You cannot view or modify its source code.
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.

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