On Balance Volume Deviation

The objective of this indicator is to be a leading indicator that can detect a large price change before it happens. It is based on the On Balance Volume (OBV) indicator, which is a leading indicator based on the premise that a large change in volume often precedes a large price change. This indicator charts the N-Period deviation of the OBV data and displays it as a histogram. This is overlayed on an area chart of the M-Period SMA of the histogram data. This combination helps to visually enhance the pattern that signifies that a jump in price is about to happen.

  • When the histogram bars are above the area plot, then a jump in price is about to happen
  • As with all leading indicators, there are a lot of false signals. Confirm with price action or another indicator
  • The further the histogram bars are above the area plot, the larger the predicted jump in price
  • It seems to work better on shorter intraday timeframes than on the longer timeframes
  • At the close of a market session, it is a good indicator of how much the price will jump on the opening of the next market session.


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