From Mladen Rakic:

On-balance volume (OBV) is a technical trading momentum indicator that uses volume flow to predict changes in stock price. Joseph Granville first developed the OBV metric in the 1963 book Granville's New Key to Stock Market Profits.

The issue with the "regular" OBV is that it is not too informative. Changes direction very frequently, no levels to be used as "signals" of any sort./ This version is adding a sort of Donchian channels to OBV in order to address that issue and to bring one possible solution for lack of signals / information







Recommendations:
.Use it as you usually use OBV
.Or use close changes as possible breaks and retracements

The OBV (extended) MTF version of Mr. mrtools is here.
viewtopic.php?f=579495&t=8473100&start=80

mrtools wrote: Fri Nov 26, 2021 6:14 am This would be the obv with mtf.

I am looking for the RVOL or Relative Volume indicator

TD-40 wrote: Fri Apr 01, 2022 4:04 am I am looking for the RVOL or Relative Volume indicator

Do you have more information about the indicator?

mrtools wrote: Fri Apr 01, 2022 6:02 am Do you have more information about the indicator?

The RVOL indicator is of course a volume indicator but the current candle is always an average of a series of previous candles. How is the current volume relative to previous volumes? For example, I use RVOL with a setting of 6 which means the indicator is comparing the current volume to the average of the previous 6 candles. So this is a short term view of volume spikes. So how does the current volume compare to the average of the six candles? 80%? 225%? On TradingView I have an alert set up to alert me whenever it exceeds 150% of that average.

I also use another RVOL that averages the previous 22 candles for more of a longer term view with the same alert set up. Any current candles that are 150% or greater than the series of averaged candles will alert me.

But that is TradingView. I'd like to add this to my MT5 charts too.

RVOL is a great way to understand how the current volume compares to previous candles so you'll know when spikes are happening. When both RVOL indicators are showing 150% or greater at the same time I almost always see large candles or strong direction up or down.

lonebladeRGC wrote: Sun Apr 10, 2022 11:24 am Can you convert this awesome indicator you made to a MT5 version please?

Think it's hopefully pretty close. In case your mt5 broker uses real volume, there is an option for that.

mrtools wrote: Mon Apr 11, 2022 2:53 am Think it's hopefully pretty close. In case your mt5 broker uses real volume, there is an option for that.

Thank you very much mrtools, awesome work. namo amitabha buddha

TD-40 wrote: Fri Apr 01, 2022 4:04 am I am looking for the RVOL or Relative Volume indicator

mrtools wrote: Fri Apr 01, 2022 6:02 am Do you have more information about the indicator?

Relative Volume Histogram

Released date: April 4, 2022
Coder: FXCodeBase dot com

"RVOL.txt" is the mq5 code.
I don't have MT5 so I don't know if it works or not.

Banzai wrote: Tue Apr 12, 2022 2:06 am Relative Volume Histogram

Released date: April 4, 2022
Coder: FXCodeBase dot com

"RVOL.txt" is the mq5 code.
I don't have MT5 so I don't know if it works or not.

RVOL is valid.

太虚一毫 wrote: Tue Apr 12, 2022 2:36 am RVOL is valid.

So I guess I just rename it to "RVOL.mq5"