On Balance Volume

• 08/06/2022 at 8:37 AM #198609
  quokkasoccer

  Hello community,

  I have searched the archives for a ProRealCode version of the On Balance Volume indicator which is the same as the one available on TradingView but I have not been able to find one.

  If anyone can help convert the pinescript code to create on, that would be greatly appreciated.

  Here is the code available on TradingView:

  //@version=5
  indicator(title=”On Balance Volume”, shorttitle=”OBV”, format=format.volume, timeframe=””, timeframe_gaps=true)
  var cumVol = 0.
  cumVol += nz(volume)
  if barstate.islast and cumVol == 0
  runtime.error(“No volume is provided by the data vendor.”)
  src = close
  obv = ta.cum(math.sign(ta.change(src)) * volume)
  plot(obv, color=#2962FF, title=”OnBalanceVolume”)

  ma(source, length, type) =>
  switch type
  “SMA” => ta.sma(source, length)
  “EMA” => ta.ema(source, length)
  “SMMA (RMA)” => ta.rma(source, length)
  “WMA” => ta.wma(source, length)
  “VWMA” => ta.vwma(source, length)

  typeMA = input.string(title = “Method”, defval = “SMA”, options=[“SMA”, “EMA”, “SMMA (RMA)”, “WMA”, “VWMA”], group=”Smoothing”)
  smoothingLength = input.int(title = “Length”, defval = 5, minval = 1, maxval = 100, group=”Smoothing”)

  smoothingLine = ma(obv, smoothingLength, typeMA)
  plot(smoothingLine, title=”Smoothing Line”, color=#f37f20, display=display.none)

  Many thanks!

  

  quokkasoccer

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  08/06/2022 at 9:18 AM #198613
  robertogozzi

  I have found these links:

  https://www.prorealcode.com/topic/conversion-of-pine-script-obv-osc-0-1/#post-177565

  https://www.prorealcode.com/topic/conversion-of-pine-script-obv-osc-0-1/#post-177592

  https://www.prorealcode.com/documentation/obv/

  searching for ON BALANCE VOLUME or OBV may return further links.

   

   

  

  robertogozzi

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  08/06/2022 at 9:41 AM #198615
  quokkasoccer

  Thanks Roberto,

  As above I have tried these links but the results are not consistent with the OBV indicator on trading view, I’ve attached some screenshots so you can see what I mean: both are screenshots of the same stock (OMF:NYSE), daily timeframe, same indicators but different results

  

  quokkasoccer

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  08/06/2022 at 11:35 AM #198618
  robertogozzi

  I can’t find that one, can you post a link to it?

   

  

  robertogozzi

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  08/06/2022 at 12:44 PM #198619
  quokkasoccer

  That screenshot is of the built in prorealtime OBV indicator, the other links in the archives give the same results.

   

   

  

  quokkasoccer

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  08/06/2022 at 1:42 PM #198620
  robertogozzi

  I need a link to the source code.

   

  

  robertogozzi

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  08/06/2022 at 9:49 PM #198640
  JS

  OBV with EMA

  emaPeriod = 20 useFill = 1 If Close = Close[1] then xOBV = xOBV EndIf If Close > Close[1] then xOBV = xOBV + Volume ElsIf Close < Close[1] then xOBV = xOBV - Volume EndIf EMAOBV = ExponentialAverage[emaPeriod](xOBV) If xOBV > EMAOBV then R = 0 G = 255 B = 0 Else R = 255 G = 0 B = 0 EndIf Return xOBV Coloured(R,G,B) as "On Balance Volume", EMAOBV Coloured(0,0,255) as "EMA-OBV"

  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

  emaPeriod = 20 useFill = 1   If Close = Close[1] then xOBV = xOBV EndIf   If Close > Close[1] then xOBV = xOBV + Volume ElsIf Close < Close[1] then xOBV = xOBV - Volume EndIf   EMAOBV = ExponentialAverage[emaPeriod](xOBV)   If xOBV > EMAOBV then R = 0 G = 255 B = 0 Else R = 255 G = 0 B = 0 EndIf   Return xOBV Coloured(R,G,B) as "On Balance Volume", EMAOBV Coloured(0,0,255) as "EMA-OBV"

  Hi @quokkasoccer

  The difference lies in the fact that the mentioned links all refer to the OBV Oscillator which fluctuates around the zero line.

  When you use the “normal built-in” function (OBV) you get the same result as in your example graph.

  Your attached code is nothing more than the calculation of the “normal” OBV with the possibility to also draw a certain average (e.g. EMA) in the graph.

   

   

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  robertogozzi

  

  JS

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