I started this thread so that users of Motivewave can share indicators with each other.
OBV Divergence Indicator
I had Mike's OBV Divergence Indicator made for Motivewave. Per Mike's request, this indicator is for Elite Members only. I am posting here because there is not a Motivewave download section. I am having more made and will post as they become available.
You must unzip the file and import the .jar file only.
Mike's notes from original indicator:
View enlarged thumbnail
Hello all,
Some recent posts have been talking about OBV. I have been on a Divergence kick lately, so decided I wanted to write an OBV Divergence indicator. It turned out pretty well, so I am releasing it here.
This is for VIP Users Only. Please do not share it or post it elsewhere.
Divergence is when one thing is doing the opposite of another thing.
Here, if OBV is rising, yet the period price is falling, that is a divergence down. It will print a Magenta square.
If OBV is falling, yet the period price is rising, that is divergence up. It will print a Cyan diamond.
What does this mean? It means 'watch out'. When divergence is printing you should be very careful with your trades. Once divergence STOPS printing, it is important to see how the divergence was reconciled. Was the next print afterwards a DOWN movement, or an UP movement? In general, you should trade in that direction.
But, there are a few things to remember. The zero line here is important. Below zero typical means shorts only, above zero typically longs only. As always you should rely on more than one time frame to make trade decisions.
In the screen shots, the OBV Diver is the bottom panel. Attached is the indicator as well. I look forward to your input.
**You must unzip the file and import the .jar file only.