Attempt to correct the OBV.
The OBV credits the whole volume of the day to the winning direction.
This indicator only credits the portion of the volume that is guessed to have gone in the right direction.

REM Directional volume accumulation

REM ldist: Price Distance
ldist = 2 * (HIGH - LOW) - ABS(CLOSE - OPEN) + ABS(OPEN - CLOSE[1])

IF ldist = 0 THEN
     inc=0
ELSE
     inc = VOLUME * (CLOSE - CLOSE[1]) / ldist
ENDIF

RETURN CUMSUM(inc) AS"Directional Volume"

Download

Filename: Directional-Volume.itf

Downloads: 135

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