MV_OBV – indicator for MetaTrader 5

Unlike standard On Balance Volume calculated on Close prices only, and indicator MultiVote OBV is calculated on HLC prices, which resulted in its higher sensitivity.

The indicator has no configurable parameters. Negative values are drawn in red, positive ones in green.

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Calculations:

MVOBV = PrevMVOBV + TotalVote * Volume

where:

TotalVote = HighVote + LowVote + CloseVote
  • If High > PrevHigh:

    HighVote = 1
  • If High < PrevHigh:

    HighVote = -1
  • If Low > PrevLow:

    LowVote = 1
  • If Low < PrevLow:

    LowVote = -1
  • If Close > PrevClose:

    CloseVote = 1
  • If Close < PrevClose:

    CloseVote = -1

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