The idea with On-balance volume (OBV) is to see price movement based on volume instead of the distance between the open and close of a candle. This can be used to find the relationship between volume and price action much easier than normal volume bars.
This version spices the OBV up a bit by basing it off of the current and previous close of the Heikin Ashi of the current bar, as well as adding "traffic light" moving averages to the mix to get a better grasp of trends and when volume has shifted direction as well as by how much.
Thanks to Peter Whipp for the original idea of using the OBV with traffic light moving averages, as well as the default settings for them.
could you describe the most efficient way to use this indicator? I feel like I am not using it at its full potential thanks a lot and amazing work!
Cryptobetandwin
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nice job..many thanks!
seems not to work with all currency..can someone fix this?
chxxrs
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This is one of my favorite indicators
OneAMPM
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Anton ( @lejmer ), let me ask You something. What do You think is the minumum timeframe to work with? Im a day trader, so for me minimum timeframe, more time to work with the stock. Thanks
lejmer
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@OneAMPM, It shouldn't be limited to any specific time frame. You should be able to use this intraday. I would argue though that using it for multiple time frame analysis is probably the most accurate way to use it with discetionary trading.
Black-Hawk2024
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Hey, How do we set alerts when background col changes? or when crossovers happen. There are 5 plots in alerts section so difficult to figure which one is which