Hello Mrtools I need help to modify an indicator. It's the second chart indicator widely available online. Can someone please help add divergence and notification to it. I need tk be notified if two corelate currency pairs strike a divergence I.e one of them failed to make a higher high or vice versa.
Here is the indicator mq4 file and some chart examples.
I will appreciate very much for anyone's help.
Re: Volume Indicators for MT4
772@mrtools kindly can you check on it. I will really appreciate it man.
Re: Volume Indicators for MT4
773Hello dear @kvak. Sorry to bother you with this indicator again, for some unknown reason she is always on my mind:) Do you have a non-histo version of it? Or have you made an OBV with divergences before? I'm very curios to see how this charming lady do in case of divergences?! Many thanks in forward.
- These users thanked the author ixion700 for the post (total 3):
- kvak, RodrigoRT7, Jimmy
Think out of the box!
Re: Volume Indicators for MT4
774On Balance Volume Divergences with Alternative OBV Calculation Optionsixion700 wrote: Wed Mar 13, 2024 7:47 pm Hello dear @kvak. Sorry to bother you with this indicator again, for some unknown reason she is always on my mind:) Do you have a non-histo version of it? Or have you made an OBV with divergences before? I'm very curios to see how this charming lady do in case of divergences?! Many thanks in forward.
Hello, made this version with divergences....
PS: For the Histogram Bar version, please see here: OBV Histogram Version.
Re: Volume Indicators for MT4
775Too good to be true, but it is! The regular divergences look very promising to me, thank you so much! Could you add a div alert please and make the color of the div arrows be changed with the color of div lines? Many thanks.kvak wrote: Thu Mar 14, 2024 10:36 am On Balance Volume Divergences with Alternative OBV Calculation Options
Hello, made this version with divergences....
PS: For the Histogram Bar version, please see here: OBV Histogram Version.
Think out of the box!
Re: Volume Indicators for MT4
776
Jeff, Mrtools, Kvak can you decipher and tell us what is the difference between the Classic OBV calculation and these two alternative ones Im struggling to understand it....... the three codes are shown here!! What do those alternative ones by fxcodebase do?? They look deadly
Re: Volume Indicators for MT4
777boytoy wrote: Thu Mar 14, 2024 6:21 pm Jeff, Mrtools, Kvak can you decipher and tell us what is the difference between the Classic OBV calculation and these two alternative ones Im struggling to understand it....... the three codes are shown here!! What do those alternative ones by fxcodebase do?? They look deadly
Code: Select all
The classic formula
Close > previousClose
OBV = OBVprevious + VOLUME
Close < previousClose
OBV = OBVprevious - VOLUME
IF Close = previousClose
OBV = previousOBV
1. Alternative
(Close > Open)
OBV = previousOBV + (Volume* (Close-Open) / (High-Low));
(Close < Open)
OBV = previousOBV - (Volume * (Open-Close) / (High-Low));
2. Alternative
OBV= previousOBV + (Volume * (High-Open) / (High-Low)) - (Volume * (Open-Low) / (High-Low))Re: Volume Indicators for MT4
778Found this:mrtools wrote: Fri Mar 15, 2024 5:41 amMy guess is the alternatives are incorporating daily (or whatever timeframe) range values into the calculations. Might be cool to find a good way of normalizing the values.Code: Select all
The classic formula Close > previousClose OBV = OBVprevious + VOLUME Close < previousClose OBV = OBVprevious - VOLUME IF Close = previousClose OBV = previousOBV 1. Alternative (Close > Open) OBV = previousOBV + (Volume* (Close-Open) / (High-Low)); (Close < Open) OBV = previousOBV - (Volume * (Open-Close) / (High-Low)); 2. Alternative OBV= previousOBV + (Volume * (High-Open) / (High-Low)) - (Volume * (Open-Low) / (High-Low))
Code: Select all
Calculation: normOBV = (value - absMin) * (relMax - relMin) / (absMax - absMin) + relMinRe: Volume Indicators for MT4
779That's a neat feature by the coder. So those Alternative options possibly use other timeframe readings of the OBV to maybe smooth the noise a bit do you think?mrtools wrote: Fri Mar 15, 2024 5:41 am My guess is the alternatives are incorporating daily (or whatever timeframe) range values into the calculations. Might be cool to find a good way of normalizing the values.
If Normalization is applied would that mean the OBV and it's Alternative options would gain levels of some sort? Like an oscillator that has boundaries overbought/oversold indicators such as RSI and Stochastic?
Re: Volume Indicators for MT4
780Yes but the trick is to find a normalization that will not mess with the obv values.boytoy wrote: Fri Mar 15, 2024 12:24 pm That's a neat feature by the coder. So those Alternative options possibly use other timeframe readings of the OBV to maybe smooth the noise a bit do you think?
If Normalization is applied would that mean the OBV and it's Alternative options would gain levels of some sort? Like an oscillator that has boundaries overbought/oversold indicators such as RSI and Stochastic?
