Trading with OBV - for Beginners only !!

[Happy_Singh]

su = Study("SU", GetChartID() ); 
re = Study("RE", GetChartID() ); 
PlotOHLC( re,  re,  su, su, "",colorDarkGrey,styleNoRescale|styleNoLabel|styleCloud,0,0,5);

Use this code to draw a cloud between the two horizontal lines you have used to mark the BO/BD levels

Right click on the lines one by one and change the Study ID from properties to SU and RE

btw, the code is from Amibroker help, I have not written it


Happy

 

[john302928]

One can simply use rectangle tool in amibroker for the same purpose

 

[Happy_Singh]

One can simply use rectangle tool in amibroker for the same purpose

Sure can do that, the rectangle gets anchored to bars we plot it on
it does not extent itself automatically to the right as new bars are formed . . .

But do what works for you, as long as that makes you happy


Happy

 

[vijkris]

So for bo/bd, we must have a tight range in obv pane ?

 

[vijkris]

Just posting few charts of 2pdc concept.

bias = bearish,

sbi- bias was bullish. In first half it respected. later went downhill as shown by bd of obv by puchu bhai.

TS: Bias was bullish but was not respected at all. So we need to have some price action strategy and when both in sync will give the best opportunity, Also bd of obv was also seen.

 

[vijkris]

Crude obv bias is bearish but price in 1st half was bullish.

 

[vijkris]

Crude obv bias is bearish but price in 1st half was bullish.

update:

After a small bearish move it resumed its reversal mood and was giving good uptrend. Now again it seems it is syncing with the bearish bias direction.

 

[vijkris]

Final update on crude.

It seems it has stabilised now. btw obv is way higher than pdc, indicating a bullish close, so Monday we will have bullish bias according to 2pdc.

The circled area looks like a obv bo in hindsight. Need more practice to identify it in realtime.

 

[PUCHU_2500]

-----------EDUCATIONAL PURPOSE------

 

[varunkochhar]

Puchu ji great charts but do remember to use OBV only in highly liquid counter with good daily volumes.