On Balance Volume

quokkasoccer · 2022-08-06T07:37:15+00:00

Hello community, I have searched the archives for a ProRealCode version of the On Balance Volume indicator which is the same as the one available on TradingView but I have not been able to find one. If anyone can help convert the pinescript code to create on, that would be greatly appreciated. Here is the code available on TradingView: //@version=5 indicator(title=”On Balance Volume”, shorttitle=”OBV”, format=format.volume, timeframe=””, timeframe_gaps=true) var cumVol = 0. cumVol += nz(volume) if barstate.islast and cumVol == 0 runtime.error(“No volume is provided by the data vendor.”) src = close obv = ta.cum(math.sign(ta.change(src)) * volume) plot(obv, color=#2962FF, title=”OnBalanceVolume”) ma(source, length, type) => switch type “SMA” => ta.sma(source, length) “EMA” => ta.ema(source, length) “SMMA (RMA)” => ta.rma(source, length) “WMA” => ta.wma(source, length) “VWMA” => ta.vwma(source, length) typeMA = input.string(title = “Method”, defval = “SMA”, options=[“SMA”, “EMA”, “SMMA (RMA)”, “WMA”, “VWMA”], group=”Smoothing”) smoothingLength = input.int(title = “Length”, defval = 5, minval = 1, maxval = 100, group=”Smoothing”) smoothingLine = ma(obv, smoothingLength, typeMA) plot(smoothingLine, title=”Smoothing Line”, color=#f37f20, display=display.none) Many thanks!

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08/06/2022 at 8:37 AM #198609 quote

quokkasoccer
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New

Hello community, I have searched the archives for a ProRealCode version of the On Balance Volume indicator which is the same as the one available on TradingView but I have not been able to find one. If anyone can help convert the pinescript code to create on, that would be greatly appreciated. Here is the code available on TradingView: //@version=5 indicator(title=”On Balance Volume”, shorttitle=”OBV”, format=format.volume, timeframe=””, timeframe_gaps=true) var cumVol = 0. cumVol += nz(volume) if barstate.islast and cumVol == 0 runtime.error(“No volume is provided by the data vendor.”) src = close obv = ta.cum(math.sign(ta.change(src)) * volume) plot(obv, color=#2962FF, title=”OnBalanceVolume”) ma(source, length, type) => switch type “SMA” => ta.sma(source, length) “EMA” => ta.ema(source, length) “SMMA (RMA)” => ta.rma(source, length) “WMA” => ta.wma(source, length) “VWMA” => ta.vwma(source, length) typeMA = input.string(title = “Method”, defval = “SMA”, options=[“SMA”, “EMA”, “SMMA (RMA)”, “WMA”, “VWMA”], group=”Smoothing”) smoothingLength = input.int(title = “Length”, defval = 5, minval = 1, maxval = 100, group=”Smoothing”) smoothingLine = ma(obv, smoothingLength, typeMA) plot(smoothingLine, title=”Smoothing Line”, color=#f37f20, display=display.none) Many thanks!

08/06/2022 at 9:18 AM #198613 quote

robertogozzi
Moderator

Legend

I have found these links: https://www.prorealcode.com/topic/conversion-of-pine-script-obv-osc-0-1/#post-177565 https://www.prorealcode.com/topic/conversion-of-pine-script-obv-osc-0-1/#post-177592 https://www.prorealcode.com/documentation/obv/ searching for ON BALANCE VOLUME or OBV may return further links.

08/06/2022 at 9:41 AM #198615 quote

quokkasoccer
Participant

New

Thanks Roberto, As above I have tried these links but the results are not consistent with the OBV indicator on trading view, I’ve attached some screenshots so you can see what I mean: both are screenshots of the same stock (OMF:NYSE), daily timeframe, same indicators but different results
Screen-Shot-2022-08-06-at-16.38.43.png Screen-Shot-2022-08-06-at-16.37.24.png

08/06/2022 at 11:35 AM #198618 quote

robertogozzi
Moderator

Legend

I can’t find that one, can you post a link to it?

08/06/2022 at 12:44 PM #198619 quote

quokkasoccer
Participant

New

That screenshot is of the built in prorealtime OBV indicator, the other links in the archives give the same results.

08/06/2022 at 1:42 PM #198620 quote

robertogozzi
Moderator

Legend

I need a link to the source code.

08/06/2022 at 9:49 PM #198640 quote
JS
Participant

Master
```
emaPeriod = 20
useFill = 1

If Close = Close[1] then
xOBV = xOBV
EndIf

If Close > Close[1] then
xOBV = xOBV + Volume
ElsIf Close < Close[1] then
xOBV = xOBV - Volume
EndIf

EMAOBV = ExponentialAverage[emaPeriod](xOBV)

If xOBV > EMAOBV then
R = 0
G = 255
B = 0
Else
R = 255
G = 0
B = 0
EndIf

Return xOBV Coloured(R,G,B) as "On Balance Volume", EMAOBV Coloured(0,0,255) as "EMA-OBV"
```
Hi @quokkasoccer

The difference lies in the fact that the mentioned links all refer to the OBV Oscillator which fluctuates around the zero line.

When you use the “normal built-in” function (OBV) you get the same result as in your example graph.
Your attached code is nothing more than the calculation of the “normal” OBV with the possibility to also draw a certain average (e.g. EMA) in the graph.

robertogozzi thanked this post

Schermafbeelding-2022-08-06-om-22.44.32.png Schermafbeelding-2022-08-06-om-22.43.54.png
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