Smoothed OBV for Amibroker (AFL)

magic

almost 14 years ago

Amibroker (AFL)

On-balance volume (OBV) is a technical analysis indicator intended to relate price and volume in the stock market. Total volume for each day is assigned a positive or negative value depending on prices being higher or lower that day. A higher close results in the volume for that day to get a positive value, while a lower close results in negative value. So, when prices are going up, OBV should be going up too, and when prices make a new rally high, then OBV should too. If OBV fails to go past its previous rally high, then this is a negative divergence, suggesting a weak move.

Indicator / Formula

myobv=Cum(V*((H-O)/(H-L)))-Cum(V*((O-L)/(H-L)));

Graph2=myobv;
Graph2Style=1;
Graph2Color=6;

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