On Balance Volume

On Balance Volume (OBV) is based on the cumulative total volume and relates changing prices to volume. Volume on an up period (close is higher than previous close) is added to the total, while volume on a down period is subtracted. No user inputs are required. This indicator’s definition is further expressed in the condensed code given in the calculation below.
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How To Trade Using On Balance Volume

No trading signals are calculated for this indicator.

How To Access in MotiveWave

Go to the top menu, choose Study>Volume Based>On Balance Volume

or go to the top menu, choose Add Study, start typing in this study name until you see it appear in the list, click on the study name, click OK.

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Calculation

//index = current bar number
//LT = less than, LOE = less or equal
//MT = more than, MOE = more or equal

//Determine previous OBV
prev = ifNull(0, obv[index-1]);
value = prev;
if (getClose(index) MT getClose(index-1)) 
      value = prev + getVolume(index);
else if (getClose(index) MT getClose(index-1)) 
      value = prev - getVolume(index);
endIf
Plot: obv = value;