Description:
If Close(n) < Close(n-1)
SUM = SUM - Volume(n)
else
SUM = SUM + Volume(n)
If today's close is greater than yesterday's, then the volume is added to a summation, otherwise it is subtracted.
Here's
an example of how to construct a
Trading System based on On
Balance Volume
Parameters:
Period Period to Calculate the On Balance Volume
Arguments:
OHLC of TimeFrame or
any outputIndicator of the TimeFrame
Output Indicators:
OBV
Example:
Study Name Expanded in a 3 minute timeframe:
I3_OBVolume(10)(I3CloseI3)_I3
This study calculates the On BalanceVolume on the 3 minute timeframe, of the 3 minute close.
The Period is 10.
The output indicators names are appended to the studyname,
that is if the studyname is sn1 then
the outputindicator is
sn1::OBV
