OBV+EMA Histogram — Indicator by mushman69

volumestudies onbalancevolume histogram divergence alert

Histogram of the difference between On Balance Volume and an EMA of the On Balance Volume (OBV + EMA).

Using a 55 EMA, on the daily timeframe of BTC, bull/bear trends occur when the histogram is above/below the zero line respectively.

Divergences also have a notable effect.

-- Added alert conditions when OBV crosses EMA to signal a possible trend change, for bullish and bearish cases.

Release Notes:

-- Added checkbox to select between EMA and SMA of OBV. The SMA noticeably produces a smoother histogram in some instances. On the BTC hourly (1H) chart using the 99 SMA setting looks nice at a quick glance.

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.

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.

Want to use this script on a chart?