The On Balance Volume Disparity Indicator was created by Phillip C. Holt (Stocks & Commodities V. 14:6 (265-269)). This converts the classic OBV indicator into Bollinger Bands and calculates the percentage of where the value lies within the Bollinger Bands. Buy when the obvdi rises above its signal line and sell when it falls below the signal line.
This was a special request so let me know what other indicators you would like me to write scripts for!
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I changed the charts
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changed the signal length
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changed to make it more understandable
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Allowed someone to change the top and bottom guide and changed the signals to buy or sell when obvdi goes above the top or falls below the bottom
Thank you,
Can you give another look at the S&C article and the code?
Line 23 obvdi = b != 0 ? a / b : 0
should be obvdi = b != 0 ? (1+a) / (1+b) : 0
Line 26 obvdiColor = obvdi > sig ? color.green : obvdi < sig ? color.red : color.black
The interpretation should be sig crosses up .85 Buy sig crosses down .95 Sell, with the possibility to input the boundaries.
sal157011
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@sal157011, I apologize but my chat doesn't work. All issues have been solved, thanks.
Hey man, thank you for your great work. Quick question: what do topGuide and botGuide variables do and how do these impact the chart? Thanks!
cheatcountry
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@dhman2012, thank you. these variables are basically the same as overbought and oversold levels. the trading system that phillip holt recommended with these was sell when the indicator falls below the top guide and to buy when it rises above the bottom guide
Can you give another look at the S&C article and the code?
Line 23 obvdi = b != 0 ? a / b : 0
should be obvdi = b != 0 ? (1+a) / (1+b) : 0
Line 26 obvdiColor = obvdi > sig ? color.green : obvdi < sig ? color.red : color.black
The interpretation should be sig crosses up .85 Buy sig crosses down .95 Sell, with the possibility to input the boundaries.