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BMT OBV Divergence

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. (btw, the top panel shows the Wave indicator which I also just published).

COMPATIBILITY:
NinjaTrader 6.5: YES
NinjaTrader 7.0: YES

Category The Elite Circle

Details: BMT OBV Divergence
Category: The Elite Circle

December 3rd, 2009
Size: 12.05 KB

Keywords: divergence obv volume bmt

Comments/ratings

Gavroche April 23rd, 2010 08:33 PM

Very Nice indicator! Thank you!

smbkmb July 22nd, 2010 11:15 PM

No Comment

neko333 September 23rd, 2010 12:16 AM

No Comment

Nowshad November 6th, 2010 03:11 PM

Good looking indicator. Thanks.

beatniktrader March 30th, 2011 02:35 PM

Thank you, looks good

maxreturn May 5th, 2011 03:55 PM

This Indicator repaints

lee123 May 30th, 2011 02:44 PM

Thanks

bankforlife August 30th, 2011 12:56 PM

Thanks i'll try it

bankforlife August 30th, 2011 12:56 PM

Thanks i'll try it

alf377 February 13th, 2012 03:48 PM

Thanks for sharing!

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