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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
Downloaded: 2718 times
Keywords:
divergence
obv
volume
bmt
200
Big Mike
View Download Details
February 14th, 2018 06:12 PM
topdogtony
trying it out thank you.
July 17th, 2015 01:11 AM
Portland
October 17th, 2014 03:21 PM
ShaunG
Thanks Mike, much appreciated.
June 30th, 2014 02:14 PM
ucacme
Thank you Mike for sharing this Indicator.
July 2nd, 2013 01:40 PM
Vedant
Thank you. Works great to identify intraday tops and bottoms.
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