OPEN-SOURCE SCRIPT
Intrabar On Balance Volume
An experimental modification of TradingView's built-in OBV indicator that calculates its value with intrabar data.
This leads to a more accurate OBV trace because it considers the price swings that happen within the time period of each candle, instead of only considering the candle close price.
For example: on a 4H timeframe a single candle spans 4 hours. In this indicator the OBV is calculated with 1-minute intrabar data, leading to a resolution of 240 intrabars per 4H candle (that is, it considers the volume and price swings that happened at each minute of those 4 hours).
This leads to a more accurate OBV trace because it considers the price swings that happen within the time period of each candle, instead of only considering the candle close price.
For example: on a 4H timeframe a single candle spans 4 hours. In this indicator the OBV is calculated with 1-minute intrabar data, leading to a resolution of 240 intrabars per 4H candle (that is, it considers the volume and price swings that happened at each minute of those 4 hours).
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