OBV+ is a OBV study enhanced with a linear regression moving average.
Default Settings: Linear Regression of OBV: 34
Activate Vertical Bar Highlights and/or Signal Flags for: - RSI crossing its Linear Regression . (Default: Both On)
Users can also do extra tuning in Style Section of Format options.
To use this indicator we need to observe the market's behaviour and identify which settings are fit for the timeframe and type market trading.
Recommended suggested settings Linear Regression of OBV: 34/21
The market behaves differently when the pacing changes, volatility changes and when it trends or when it ranges. Develop an understanding of it with the help of this study.
Avoid risking more than 1% per trade. Be responsible for always making a priority about protecting capital and managing risk.
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Significant changes to OBV. Removed LSMA and introduced 2 EMAS forming a cloud. OBV should be above/under the cloud to be imply bullish/bearish bias.
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Inverted cloud colors to Green/Uptrend and Red/Downtrend.
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Default settings changed: Fast EMA to 5 Slow EMA to 21 Reduced slightly transparency of the EMA clouds.
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Some Cosmetic changes were made.
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Made several enhancements. To improve this awesome indicator.
I also just published another new Histogram version of this one. Check in my published scripts page.
Thanks