Wednesday, November 8, 2017

OnBalanceVolumeSurrogate MT5

OnBalanceVolumeSurrogate MT5


A special version of the indicator On-Balance Volume (OBV), built in the pseudo-real volumes emulated from tick volume. Indicator calculates an approximate estimate of the actual volumes for Forex tools (for which the real volume is not available), then the standard formula builds OBV.


For calculation of the volume using the same algorithm as in the indicator TrueVolumeSurrogate. the indicator itself is not required, but can be used for verification.

There is a version OnBalanceVolumeSurrogate for MetaTrader 4.





Options



  • MAfast - a period of rapid moving average EMA, default is 3; If set to 0, the average is not displayed;

  • Maslow - period of slow moving average EMA, default 7; If set to 0, the average is not displayed;

  • AlertOnMAcross - switch mode display the alert when crossing the middle, default false (disabled); signal is issued only once on each bar; message format: "OBVSurrogate [Symbol] [TimeFrame] UP / DOWN cross @ [Time]";

  • CompletedBars - Flag that defines whether to check the intersection of the medium (for the alert) on the last bar or on the completion of the penultimate bar (CompletedBars equals true); default - true, while alerts are caused by the opening of the bar; at a value of false alerts may appear at an arbitrary time bar; It should be noted that the down is not necessarily follow the signal after about crossing signal of the intersection upward (or vice versa) - in some cases, when the average range next to each other, may appear several unidirectional alerts (but on different bar) - is to be regarded as a confirmation signal ;

  • AccumulationDistribution - flag is true when the indicator is calculated by the formula Accumulation / Distribution; default - false (used OBV); depending on the indicator flag is changed name in subwindow - OBV Surrogate or A / D Surrogate.




Visualization


The indicator shows three lines:



  • thick green - cumulative volume from the formula OBV;

  • Red thin - fast moving average;

  • yellow thin - slow moving average.


At the intersection of moving averages are displayed in the indicator arrow direction. It is important that CompletedBars, equal to false, the signals on the unfinished bar appearing during its formation, may conflict with the final position of the lines, in particular in the case where the intersection is lost.


The screenshot shows the next OnBalanceVolumeSurrogate and TrueVolumeSurrogate.




tricks of the trade


This indicator should be used in trade similar to the standard OBV:



  • on signals crossing moving averages;

  • for convergence / divergence OBV line with the price chart; when their directions are not the same, the current trend is expected to change (reversal);

  • bearer movement OBV line and price schedule; this serves as confirmation of the current trend.


OnBalanceVolumeSurrogate MT5

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