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EasyLanguage OBV On Balance Volume Indicator
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EasyLanguage OBV On Balance Volume Indicator

  #1 (permalink)
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EasyLanguage OBV On Balance Volume Indicator

Here is my custom version of the OBV (On Balance Volume) indicator.

Plot 1, 2, 3 and 4 should be invisible and are just used for color reference.

Let me know what you think.

Below is the code, attached is the .pla for MultiCharts.

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Code
                            
// Big Mike Trading https://futures.io

// April 6 2010
// Indicator
// Plot 1, 2, 3, 4 should be "Invisible" and are used for color place holders only

inputs:
    
Length),
    
Smoothing );

variables:
    
var0) ;

var0 XAverage(XAverage(RSI(OBVLength), Smoothing), Smoothing) - 50;

Plot1var0"AboveRising" );
Plot2var0"AboveFalling" );
Plot3var0"BelowRising" );
Plot4var0"BelowFalling" );
Plot5var0"OBV"iff(var0>0iff(var0>var0[1], GetPlotColor(1), GetPlotColor(2)), iff(var0>var0[1], GetPlotColor(3), GetPlotColor(4))) );
Plot60"Zero" ); 
Mike

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Attached Files
Register to download File Type: pla BMT OBV.pla (3.9 KB, 171 views)
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  #2 (permalink)
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  #3 (permalink)
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Nice!! Is there an ninja-version of this?

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  #4 (permalink)
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phyzfer View Post
Nice!! Is there an ninja-version of this?

Yeah I wrote a couple for NT a while back, Elite only:
https://futures.io/elite-circle/694-balance-volume-balance-volume-divergence-indicator.html

https://futures.io/elite-circle/1179-big-mike-trading-diver-indicator-divergence.html

The first one is pretty similar to what I've written here for EasyLanguage, but it adds a simple calc for divergence. The second one is quite a bit different.

If you have any questions regarding them, please use those threads (not this one). This one is for the EasyLanguage version.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
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4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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  #5 (permalink)
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Mike
Are you using a simple EMA for the OBV? The EL is XAverage?
Also, are you using a period of 3 and smooth of 3? I tried this on a NT version and looked quite different.
Thanks for a great video
Regards

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  #6 (permalink)
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vast View Post
Mike
Are you using a simple EMA for the OBV? The EL is XAverage?
Also, are you using a period of 3 and smooth of 3? I tried this on a NT version and looked quite different.
Thanks for a great video
Regards

XAverage = EMA.

Check the OBV code itself, I think that is where the difference lies between MC and NT.

Function: OBV

 
Code
                            
if BarType >= 2 then                              
    begin
    
if Close Close[1then 
        OBV 
OBV[1] + Volume 
    
else if Close Close[1then 
        OBV 
OBV[1] - Volume 
    
else 
        
OBV OBV[1] ;
    
end
else                                                                              
                                                                                 
    
begin
    
if Close Close[1then 
        OBV 
OBV[1] + Ticks 
    
else if Close Close[1then 
        OBV 
OBV[1] - Ticks 
    
else 
        
OBV OBV[1] ;
    
end 
Definition of "BarType":
 
Code
BarType
Returns a numerical value, indicating the resolution units of the data series that the study is applied to. 
 



Usage
BarType 

The following values are returned for each type of resolution units: 

  0 – Ticks (Ticks & Contracts)
  1 – Intra-Day (Seconds, Minutes, & Hours)
  2 – Days
  3 – Weeks
  4 – Months, Quarters, & Years
  5 – Points & Changes 
 



Example
Assign a value, indicating the resolution units of the data series that the study is applied to, to Value1 variable: 

Value1=BarType;
Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #7 (permalink)
Just starting out...
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Nice, but can you add an OBV average line on the OBV chart?

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  #8 (permalink)
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Modified BMT_OBV, works with Renko and Line Break charts

This is a slightly modified version of BM_OBV which works with Renko & line break charts.

Attached Files
Register to download File Type: pla BMT_OBV.pla (6.3 KB, 26 views)
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  #9 (permalink)
Elite Member
vancouver bc canada
 
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Favorite Futures: oil, gold, currency futures
 
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Modified BMT_OBV, works with Renko and Line Break charts

This is a slightly modified version of BM_OBV which works with Renko & line break charts.

PS: I just realized MC adapted their volume indicators to work with all types of tick charts with MC v8 RC which makes my modification unneccessary if you are using MC v8 RC and above but the mod is still useful for MC v8 beta2 and below.

Attached Files
Register to download File Type: pla BMT_OBV.pla (6.6 KB, 34 views)
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  #10 (permalink)
Trading Apprentice
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On Balance Volume Indicator for tradestation


Hello Big Mike
Is there any way to convert or re-right this code for obv indicator for trade station.

thanks
Kelly

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