On Balance Volume calculated with aggregated and normalized volume data and a few other features:
Aggregation code originally from Crypt0rus Candle Plotting code from LonesomeTheBlue
***The indicator can be used for any coin/symbol to aggregate volume, but it has to be set up manually***
As normal OBV, this indicator can be used to find divergences and to have an idea of volume flow. Using aggregated data makes it more accurate and allows to compare volume flow between different kinds of markets (Spot, Futures, Perpetuals, Futures+Perpetuals and All Volume).
As well, in order to make the data as accurate as possible, the data from each exchange aggregated is normalized to report always in terms of 1 BTC. In case this indicator is used for another symbol, the calculations can be adjusted manually to make it always report data in terms of 1 contract/coin.
Extra features:
- Based off LonesomeTheBlue, OBV can be plotted as candles and as Heiken Aishi candles (which give wick information) - A Moving Average (SMA, EMA, WMA, RMA, VWMA) can be plotted to the OBV. This can be used as a confluent signal to enter a trade on a crossover or to know the strength of the current move. - The OBV basis can be reset to 0 periodically, making it more oscillator-like and allowing to focus only on a certain period of time.
Versionshinweise
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- UPDATED SETTINGS MENU TO SHOW CANDLE COLORING SETTINGS AT AN EASIER PLACE TO FIND
- FIXED BUG THAT DID NOT ALLOW FOR THE SCALE TO ADJUST/RESET PROPERLY
- FIXED CANDLE AND ZERO LINE FILL COLOR BUG WHEN USING THE "RESET SETTING"
hey, firstly, thanks so much for this. just want to understand the working please if you could elaborate. what settings would I have there if I wanted to see all the USDT volumes instead of BTC pairs volumes?
In_Finito_
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@tradepals, glad you like it. What the indicator does is that it adds the volume provided by different exchanges and then processes that data as OBV would process volume normally. But because some exchanges report data to tradingview it is important to normalize.
For example, if a certain exchange reports in USD, all exchanges would be giving a value 10-50 BTC per hour each, but that other exchange would give the same amount multiplied by the price of BTC ($270,000-$1,320,000) and that skew the data to basically only show the data from that exchange and the aggregation is pointless.
So what the indicator does is that by inputing how the volume is reported by each exchange or broker, it converts it into it's coin/contract/stock amount. Providing a normalized and accurate aggregation of the volume data.
tradepals
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@In_Finito_, OK, I guess that makes sense. But why is the OBV line significantly different to the standard OBV indicator when your indicator is applied to a non-crypto stock?
JayM0ap
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Can you paste here your trc20 usdt address? Send you a small donation brother.
JayM0ap
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It's actually works with any symbols. Best indicator on tradingview
In_Finito_
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@notsimilar, Yes it does! You just have to set it manually
JayM0ap
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Just noticed it works with other coins at least the spot. Amazing work much appreciated
JayM0ap
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Legend
strider357
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great work! is there a version for US stocks? thank you :D
In_Finito_
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@strider357, Thank you. Yes and no, there is not a specific version for Stocks but you can use this one. You can replace the Bitcoin symbols with the stock symbols from different exchanges and then save the indicator template so you don't have to do it over and over again. Also if you do so, make sure to adjust how volume is reported from each exchange (For example CME futures reports BTC volume in contracts of 5 BTC and mini-Futures in contracts of 0.01 BTC)
just want to understand the working please if you could elaborate.
what settings would I have there if I wanted to see all the USDT volumes instead of BTC pairs volumes?