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Re: Volume Indicators for MT4
Posted: Sat Mar 09, 2024 7:43 am
by Hashim23
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
Posted: Sun Mar 10, 2024 12:19 am
by Hashim23
@mrtools kindly can you check on it. I will really appreciate it man.
Re: Volume Indicators for MT4
Posted: Wed Mar 13, 2024 7:47 pm
by ixion700
kvak wrote: Sat Feb 24, 2024 6:52 am
Here is your mod.
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.
Re: Volume Indicators for MT4
Posted: Thu Mar 14, 2024 10:36 am
by kvak
ixion700 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.
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.
Re: Volume Indicators for MT4
Posted: Thu Mar 14, 2024 5:59 pm
by ixion700
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.
Too 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.
Re: Volume Indicators for MT4
Posted: Thu Mar 14, 2024 6:21 pm
by boytoy
mrtools wrote: Fri Feb 23, 2024 5:55 am
Hello
kvak wrote: Sat Feb 24, 2024 6:52 amOn Balance Volume Histogram
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
Posted: Fri Mar 15, 2024 5:41 am
by mrtools
boytoy 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))
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.
Re: Volume Indicators for MT4
Posted: Fri Mar 15, 2024 6:08 am
by mrtools
mrtools wrote: Fri Mar 15, 2024 5:41 am
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))
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.
Found this:
Code: Select all
Calculation: normOBV = (value - absMin) * (relMax - relMin) / (absMax - absMin) + relMin
Re: Volume Indicators for MT4
Posted: Fri Mar 15, 2024 12:24 pm
by boytoy
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.
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?
Re: Volume Indicators for MT4
Posted: Sat Mar 16, 2024 12:15 am
by mrtools
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?
Yes but the trick is to find a normalization that will not mess with the obv values.
