Added BB to the oscillator and colored the OBV line yellow when it's outside the bands' limits, useful for finding over-extended zones where price reversals have higher probability of happening. BB bands can be deactivated and the oscillator can be used as originally built by LazyBear if the BB bands are disabled and the OBV area activated.
BB area is colored green when OBV is above the 20-period moving average and colored red when below it. This can be deactivated on the options to use regular BB colors or no BB at all.
If you like it and use it to profit, please tip me below :)
what is the number for time frame sitting for 4 hours time frame
nicholasnetwork350
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any chance you can change the code so it automatically adjusts to the chart timescales as at the moment its manual?
montofor
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hello freind how to add your indicator?
SigmaDraconis
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@montofor, Upper part of a chart, click the Indicators button and either search with this indicator's name "On Balance Volume Oscillator + Bollinger Bands" or input "SigmaDraconis" or "[SigmaDraconis]" to search my indicators and you'll find it.
You can also add it to the favorites by clicking the star "Add to Favorite Scripts" above in the code snippet and then look in the "Indicators" area of the chart, on the left on "My Favorites".
First of all let me thank you for disclosing the code. I'm a fun of Volume indicators and as I saw your indicator it came to my mind this video of the Better Momentum:
emini-watch.com/how-to-trade-with-better-momentum/7372/ I think the divergence lines on the chart are not automatic so If you could add a Price Divergence Detector to your indicator it would be perfect, we would have exhaustion volume and divergenve volume.
SigmaDraconis
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@sal157011, unless I code a magical profits indicator, I don't have plans to close my scripts, especially when I use open code from other traders like LazyBear and I'm also a fan of open source, so the more "simple stuff" I'll try to share it as well, it's also good for other people learning how to code simple indicators.
Yes, the divergence lines are not automatic, I added them manually as an example of how the indicator can be used, some times popular indicators like the RSI doesn't give enough information and this is a good auxiliary. The MFI is another one that's very interesting, some people prefer it over the OBV, you should look into it, LazyBear has a nice one that you can switch between RSI and MFI with BB bands - tradingview.com/script/4hhFyZwm-Indicator-MFI-or-RSI-enclosed-by-Bollinger-Bands/ I wil try to launch one soon that encloses MFI/RSI/SRSI/Stoch/Aroon all in one, follow me if you're interested.
Regarding the Price Divergence, thanks for the advice, I don't have enough coding experience in Pine but I can say I've thought about it almost since I started looking into Pine script coding but I didn't have time to look into it, I bet it takes a more advanced stance to understand how to (try and) code one.