Jesse.Lau

On Balance Volume HLOC with Average

I am playing OBV now.
The original OBV is only calculate CLOSE.
I got an idea about XOBV with HLOC.
A bar has 5 periods:
- Open--Low--Open--Close--High--Close or
- Open--High--Open--Close--Low--Close

Assume that volume will evenly distributed on these 5 periods. Only Open--Close period has effective changed volume .

So XOBV = OBV * abs(close-open)/(2*( high-low )-abs(close-open)))

Better use XOBV and OBV both. Divergence and same price comparison are worth to watching.

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.

Want to use this script on a chart?
本是疏散人,偶做名利客。
坐看庭前云卷舒,定心观天阔。
大志为逍遥,勿论对与错。
待到乾坤遍历时,笑对丘山卧。
-----------------------------------------
欢迎访问遁一博客空间 https://jesselau.com/

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter