Enhanced On Balance Volume

Enhanced On Balance Volume

"On-balance volume (OBV) is a momentum indicator that uses volume flow to predict changes in stock price.
Joseph Granville first developed the OBV metric in the 1960s.
He believed that when volume increases sharply without a significant change in the stock's price, the price will eventually jump upward, and vice versa."

The On Balance Volume generalizes.
Only the direction of change is taken into consideration, making the price irrelevant.

Enhanced On Balance Volume comes to life when the entire price action is being considered - the lows and highs.


// I looked around on TradingView and there was no such indicator.
// This is a version of the well known On Balance Volume, ported to Pinescript, meant for markets with volume data.