Improved version of OBV/price (this one actually works)
Both lines show where price is going relative to volume metrics (one line uses OBV, the other uses accumulation/distribution).
Green and above 50 means price is rising faster then buying volume
Red and below 50 means price is falling faster then selling volume
you can add smoothing in the controls and color will go according to raw (even if smoothing goes above/below 50)
under the hood: changes price, OBV and AD to RSI for comparability, calculates the difference between price and the others, then an RSI on the result to create an <50< style indicator.
this script replaces the previouse from:
Both lines show where price is going relative to volume metrics (one line uses OBV, the other uses accumulation/distribution).
Green and above 50 means price is rising faster then buying volume
Red and below 50 means price is falling faster then selling volume
you can add smoothing in the controls and color will go according to raw (even if smoothing goes above/below 50)
under the hood: changes price, OBV and AD to RSI for comparability, calculates the difference between price and the others, then an RSI on the result to create an <50< style indicator.
this script replaces the previouse from:
study(title="Price vs Vol", shorttitle="Price vs Vol") r=input(50,"rsi") e=input(1,"ema") src = close //ohlc4 obv = cum(change(src) > 0 ? volume : change(src) < 0 ? -volume : 0*volume) ad = cum(close==high and close==low or high==low ? 0 : ((2*close-low-high)/(high-low))*volume) rad=rsi(ad,r) robv=rsi(obv,r) rsrc=rsi(src,r) diffobv=rsi(rsrc-robv,r) diffad=rsi(rsrc-rad,r) //plot(robv, color=blue, title="RSI_OBV") //plot(rsrc, color=red, title="RSI_Price") c1 = iff(diffobv >= 50, green, red) // close >= open ? yellow : blue c2 = iff(diffad >= 50, green, red) // close >= open ? yellow : blue plot(ema(diffobv,e), color=c1, linewidth=2, title="price-obv") plot(ema(diffad,e), color=c2, linewidth=2, title="price-ad") hline(50)
