AdonisWerther

On-Balance Volume Oscillator with Divergence and Pivots

This is On-Balance Volume recalculated to be an Oscillator, a Divergence hunter was added, also Pivot Points and Alerts.

On-Balance Volume , or OBV is considered a "leading indicator" - in contrast to a "lagging indicator" just as Moving Averages it does not show a confirmation what already happened, but it shows what can happen in the future. For example: The chart is climbing while the OBV oscillator is slowly declining, gets weaker and weaker, maybe even prints bearish divergences? That means that a reversal might be occurring soon. Leading indicators are best paired with Stop and Resistance Lines, general Trendlines , Fib Retracements etc...Your chart is approaching a very important Resistance Trendline but the OBV shows a very positive signal? That means there is a high probability that the Resistance is going to be pushed though and becomes Support in the future.

What are those circles?
-These are Divergences. Red for Regular-Bearish. Orange for Hidden-Bearish. Green for Regular-Bullish. Aqua for Hidden-Bullish.

What are those triangles?
- These are Pivots . They show when the OBV oscillator might reverse, this is important to know because many times the price action follows this move.

Please keep in mind that this indicator is a tool and not a strategy, do not blindly trade signals, do your own research first! Use this indicator in conjunction with other indicators to get multiple confirmations.

Script open-source

Nello spirito di condivisione promosso da TradingView, l'autore (al quale vanno i nostri ringraziamenti) ha deciso di pubblicare questo script in modalità open-source, così che chiunque possa comprenderlo e testarlo. Puoi utilizzarlo gratuitamente, ma il riutilizzo del codice è subordinato al rispetto del Regolamento. Per aggiungerlo al grafico, mettilo tra i preferiti.

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