OnBalance Volume For ThinkOrSwim

[Mike]

Hi. Can someone help me code or point me in the right direction to create a label for On Balance Volume Closing Above or Below a Moving Average? If closing above color Dark_Green if closing below color Dark_Red. Thanks!

 

[useThinkScript]

On Balance Volume Modified (OBVM) is a variation of On Balance Volume (OBV) that adds a signal line and smooths out the OBV with an exponential moving average.

OBV is a momentum indicator that tracks changes in trading volume to predict price movements and market player strategies.

OBVM can help determine when major market moves might occur, and can be most useful as an entry filter when an instrument is testing a major support or resistance level.

Here are some scripts that provide different options. These studies should further your quest.

Upper Chart Label:

## ########################################################
#ToS OnBalanceVolumeModified
## ########################################################

input signalLength = 10;
input averageType = "exponential" ;

def obvm = OnBalanceVolumeModified().obVM;
def ema = OnBalanceVolumeModified("signal length" = signalLength, "average type" = averageType).Signal; ;

def crossUP = if  obvm crosses above ema  then ema else double.NaN ;
def crossDN = if  obvm crosses below ema  then obvm else double.NaN ;

## ########################################################
# Charting & Formatting

DefineGlobalColor("bull", Color.green) ;
DefineGlobalColor("bear", Color.red) ;
DefineGlobalColor("crossup", Color.cyan) ;
DefineGlobalColor("crossdn", Color.magenta) ;

AddLabel(yes,
if  obvm crosses above ema then "obv cross up!" else
if  obvm crosses below ema then "obv cross down!" else
if obvm > ema then "obv trending above" else " |  obv trending below",

if  obvm crosses above ema then GlobalColor("crossup") else
if  obvm crosses below ema then GlobalColor("crossdn") else
if obvm > ema then GlobalColor("bull") else GlobalColor("bear"));

input paintCandles = yes ;
AssignPriceColor(
if !paintCandles then color.current else
if  obvm crosses above ema then GlobalColor("crossup") else
if  obvm crosses below ema then GlobalColor("crossdn") else
if obvm > ema then GlobalColor("bull") else GlobalColor("bear"));

Lower Chart :

## ########################################################
#ToS OnBalanceVolumeModified
## ########################################################
declare lower;
declare real_size;
DefineGlobalColor("bull", Color.green) ;
DefineGlobalColor("bear", Color.red) ;
DefineGlobalColor("crossup", Color.cyan) ;
DefineGlobalColor("crossdn", Color.magenta) ;

input signalLength = 10;
input averageType = "exponential" ;

plot obvm = OnBalanceVolumeModified().obVM;
plot ema = OnBalanceVolumeModified("signal length" = signalLength, "average type" = averageType).Signal; ;

addcloud(obvm, ema, GlobalColor("bull"), GlobalColor("bear"));

plot crossUP = if  obvm crosses above ema  then ema else double.NaN ;
crossUP.SetPaintingStrategy(PaintingStrategy.ARROW_up);
crossUP.SetDefaultColor(GlobalColor("crossup")) ;
crossUP.SetLineWeight(3);

plot crossDN = if  obvm crosses below ema  then obvm else double.NaN ;
crossDN.SetPaintingStrategy(PaintingStrategy.ARROW_down);
crossDN.SetDefaultColor(GlobalColor("crossdn")) ;
crossDN.SetLineWeight(3);

input showLabel = yes ;
AddLabel(showLabel,
if  obvm crosses above ema then "obv cross up!" else
if  obvm crosses below ema then "obv cross down!" else
if obvm > ema then "obv trending above" else " |  obv trending below",

if  obvm crosses above ema then GlobalColor("crossup") else
if  obvm crosses below ema then GlobalColor("crossdn") else
if obvm > ema then GlobalColor("bull") else GlobalColor("bear"));

input paintCandles = yes ;
AssignPriceColor(
if !paintCandles then color.current else
if  obvm crosses above ema then GlobalColor("crossup") else
if  obvm crosses below ema then GlobalColor("crossdn") else
if obvm > ema then GlobalColor("bull") else GlobalColor("bear"));

 

[Mike]

I've reviewed the code (#3) above and have the following comments/questions:

1) I'd like to code an upper OBV chart label. How can I modify the code to identify the moving average type, the moving average length, and color the label dark_green if the OBV closes above the moving average else color the label dark_red if the OBV closes below the moving average. Thanks...

 

[merryDay]

I've reviewed the code (#3) above and have the following comments/questions:

1) I'd like to code an upper OBV chart label. How can I modify the code to identify the moving average type, the moving average length, and color the label dark_green if the OBV closes above the moving average else color the label dark_red if the OBV closes below the moving average. Thanks...

Modified OBV labels to identify the moving average type, the moving average length
See bottom of post for instructions to adjust the colors used in these scripts.

## ########################################################
# OnBalanceVolumeModified
# mike request
## ########################################################

input signalLength = 10;
input averageType = "exponential" ;

def obvm = OnBalanceVolumeModified().obVM;
def ema = OnBalanceVolumeModified("signal length" = signalLength, "average type" = averageType).Signal; ;

def crossUP = if  obvm crosses above ema  then ema else double.NaN ;
def crossDN = if  obvm crosses below ema  then obvm else double.NaN ;

## ########################################################
# Charting & Formatting

DefineGlobalColor("bull", Color.dark_green) ;
DefineGlobalColor("bear", Color.dark_red) ;
DefineGlobalColor("crossup", Color.cyan) ;
DefineGlobalColor("crossdn", Color.magenta) ;

AddLabel(yes,
"OBVm average used: "  +averageType +" | average length: " +signalLength+
if  obvm crosses above ema then " |  obv cross up!" else
if  obvm crosses below ema then " |  obv cross down!" else
if obvm > ema then " |  obv trending above" else " |  obv trending below",

if  obvm crosses above ema then GlobalColor("crossup") else
if  obvm crosses below ema then GlobalColor("crossdn") else
if obvm > ema then GlobalColor("bull") else GlobalColor("bear"));

input paintCandles = no ;
AssignPriceColor(
if !paintCandles then color.current else
if  obvm crosses above ema then GlobalColor("crossup") else
if  obvm crosses below ema then GlobalColor("crossdn") else
if obvm > ema then GlobalColor("bull") else GlobalColor("bear"));

Adjusting Global Colors:
1. click on studies beaker
2. click on gear to the right of the study placed on the chart
3. click on Globals
4. click on the color to be changed
5. change color and save

MAKE SURE to click on "Save as default" to save your settings to be used on future charts.

 

[jrj4774]

Hello All,

Would it be possible to add in a label to tell me how much of the numerical difference and percentage? Sometimes I like to see values changes to determine my exit.

obvm - ema = positive value or negative value

thanks,
jrj4774

 

[useThinkScript]

Hello All,

Would it be possible to add in a label to tell me how much of the numerical difference and percentage? Sometimes I like to see values changes to determine my exit.

obvm - ema = positive value or negative value

thanks,
jrj4774

You must put your math for your definition of numerical difference and percentage into these two lines:

def numerical Difference = put your definition here ;
def percentage = put your definition here ;

And then the label syntax would be:

AddLabel(yes, "difference: " +numerical Difference +" | pct: " +percentage,
if percentage>0 then color.green else color.red);

 

[jrj4774]

I'm completely a newbie here, and I'm trying to find similar syntax in how the line/logic statement.

But I am getting an error message on the value differences. I tried both way I can think of.

and then the label, I'm completely lost.




Thanks,
jrj4774

 

[merryDay]

I'm completely a newbie here, and I'm trying to find similar syntax in how the line/logic statement.

But I am getting an error message on the value differences. I tried both way I can think of.

and then the label, I'm completely lost.




Thanks,
jrj4774

You left off a semicolon
change:

def numerical Difference = obvm - ema

to

def numerical Difference = obvm - ema ;

Every thinkscript statement must end with a semicolon.

Excellent job! You are officially a ToS scripter!

 

[jrj4774]

@merryDay Thank you for the insight...

I was able to successfully add in the script above and I tried to add another logic to the code -
I was trying to make the numericaldifference value turn a color just like the PCT%.

In line 47/48 it worked and tested.

I added the original label as you rewcommened. But then I wanted to add another logical with making the difference difference color when it's positive or negative.

AddLabel(yes, "Variance: " + numericalDifference + " | % PCT%: " + percentage,
if percentage > 0 then Color.GREEN else Color.RED,
if numericalDifference > 0 then Color.GREEN else Color.RED);

What am I missing?

Thank you for encouragement on coding... Your the MASTER!!!

Thanks,
jrj4774

 

[merryDay]

@merryDay Thank you for the insight...

I was able to successfully add in the script above and I tried to add another logic to the code -
I was trying to make the numericaldifference value turn a color just like the PCT%.

In line 47/48 it worked and tested.

View attachment 25994

I added the original label as you rewcommened. But then I wanted to add another logical with making the difference difference color when it's positive or negative.

AddLabel(yes, "Variance: " + numericalDifference + " | % PCT%: " + percentage,
if percentage > 0 then Color.GREEN else Color.RED,
if numericalDifference > 0 then Color.GREEN else Color.RED);

What am I missing?

View attachment 25995

Thank you for encouragement on coding... Your the MASTER!!!

Thanks,
jrj4774

EVERYONE has walked in your shoes.
Your questions are helping so many other members struggling.

The problem, in this case, is your logic. This is correct:

if percentage > 0 then COLOR.GREEN else COLOR.RED ):

Think about it: the percentage is always going to be greater or lesser than 0.
So why would you have a second logic statement?

The only time percentage is not <> 0 is when it is == to zero.
If it is == 0 then the 2nd logic statement still won't help because the numbericalDifference will also be equal to 0.

change to:

if percentage >= 0 then COLOR.GREEN else COLOR.RED ):

And eliminate the 2nd if statement.
Does that make sense?

 

[jrj4774]

@merryDay

It make sense when you said about PCT%. I think I should of mention that I wanted the variance value to be a different color label.

I was able to add the script below -

def percentage = (obvm-ema)/ema;
def numericalDifference = obvm - ema;

AddLabel(yes,"PCT%: " + percentage,
if percentage >=0 then COLOR.GREEN else COLOR.RED);

AddLabel(yes, "Variance: " + numericalDifference ,
if numericalDifference> 0 then Color.GREEN else Color.RED);

But I am having trouble with the PCT% if it's less than 0, then it should be red. I tried adding the logical you suggested above, PCT should be negative right now because the variance is negative number. I don't see it changed. Is the logic "def percentage = (obvm-ema)/ema;" incorrect?

Thanks,
jrj4774

 

[useThinkScript]

@merryDay

It make sense when you said about PCT%. I think I should of mention that I wanted the variance value to be a different color label.

I was able to add the script below -

def percentage = (obvm-ema)/ema;
def numericalDifference = obvm - ema;

AddLabel(yes,"PCT%: " + percentage,
if percentage >=0 then COLOR.GREEN else COLOR.RED);

AddLabel(yes, "Variance: " + numericalDifference ,
if numericalDifference> 0 then Color.GREEN else Color.RED);

But I am having trouble with the PCT% if it's less than 0, then it should be red. I tried adding the logical you suggested above, PCT should be negative right now because the variance is negative number. I don't see it changed. Is the logic "def percentage = (obvm-ema)/ema;" incorrect?

Thanks,
jrj4774

View attachment 25999

Apologies for the tardy reply.

ThinkScript often hides the negative sign when a number is concatenated into a string (e.g., "PCT%: " + percentage), so even if the value is actually negative, the label may display it without the minus sign—causing the color logic to appear incorrect. To fix this, you must explicitly format the value (using Round or AsText) so Thinkorswim treats it as a properly formatted numeric string and displays the negative sign reliably.

your code snippet:

def percentage = (obvm - ema) / ema;
def numericalDifference = obvm - ema;

AddLabel(
    yes,
    "PCT%: " + AsText(Round(percentage * 100, 2)) + "%",
    if percentage >= 0 then Color.GREEN else Color.RED
);

AddLabel(
    yes,
    "Variance: " + numericalDifference,
    if numericalDifference >= 0 then Color.GREEN else Color.RED
);

 

[PonchoMike]

There are a couple of different well known market technicians that use OBV with a 21 ema trigger. I created similar code that adds a 3 ema smoothing factor and creates a cloud between the 3 and 21 ema.

I've been thinking about playing with an enhancement, but haven't tried it yet. What about modifying the formula such that high volume days have an outsized effect on OBV. The modifier could be the ratio of the daily volume divided by the 50, 100, or 200 sma of the daily volume.

Any thoughts on whether this might give some advance warning of when a move is about to occur?

 

[Hoinar]

@merryDay Thank you for the insight...

I was able to successfully add in the script above and I tried to add another logic to the code -
I was trying to make the numericaldifference value turn a color just like the PCT%.

In line 47/48 it worked and tested.

View attachment 25994

I added the original label as you rewcommened. But then I wanted to add another logical with making the difference difference color when it's positive or negative.

AddLabel(yes, "Variance: " + numericalDifference + " | % PCT%: " + percentage,
if percentage > 0 then Color.GREEN else Color.RED,
if numericalDifference > 0 then Color.GREEN else Color.RED);

What am I missing?

View attachment 25995

Thank you for encouragement on coding... Your the MASTER!!!

Thanks,
jrj4774

Do you have the updated code and can you share it?

@merryDay

It make sense when you said about PCT%. I think I should of mention that I wanted the variance value to be a different color label.

I was able to add the script below -

def percentage = (obvm-ema)/ema;
def numericalDifference = obvm - ema;

AddLabel(yes,"PCT%: " + percentage,
if percentage >=0 then COLOR.GREEN else COLOR.RED);

AddLabel(yes, "Variance: " + numericalDifference ,
if numericalDifference> 0 then Color.GREEN else Color.RED);

But I am having trouble with the PCT% if it's less than 0, then it should be red. I tried adding the logical you suggested above, PCT should be negative right now because the variance is negative number. I don't see it changed. Is the logic "def percentage = (obvm-ema)/ema;" incorrect?

Thanks,
jrj4774

View attachment 25999

looks great!

 

[jrj4774]

@Hoinar

## ########################################################
#ToS OnBalanceVolumeModified
## ########################################################
declare lower;
declare real_size;
DefineGlobalColor("bull", Color.green) ;
DefineGlobalColor("bear", Color.red) ;
DefineGlobalColor("crossup", Color.cyan) ;
DefineGlobalColor("crossdn", Color.magenta) ;

input signalLength = 10;
input averageType = "exponential" ;

plot obvm = OnBalanceVolumeModified().obVM;
plot ema = OnBalanceVolumeModified("signal length" = signalLength, "average type" = averageType).Signal; ;

addcloud(obvm, ema, GlobalColor("bull"), GlobalColor("bear"));

plot crossUP = if obvm crosses above ema then ema else double.NaN ;
crossUP.SetPaintingStrategy(PaintingStrategy.ARROW_up);
crossUP.SetDefaultColor(GlobalColor("crossup")) ;
crossUP.SetLineWeight(3);

plot crossDN = if obvm crosses below ema then obvm else double.NaN ;
crossDN.SetPaintingStrategy(PaintingStrategy.ARROW_down);
crossDN.SetDefaultColor(GlobalColor("crossdn")) ;
crossDN.SetLineWeight(3);

input showLabel = yes ;
AddLabel(showLabel,
if obvm crosses above ema then "obv cross up!" else
if obvm crosses below ema then "obv cross down!" else
if obvm > ema then "obv trending above" else " | obv trending below",

if obvm crosses above ema then GlobalColor("crossup") else
if obvm crosses below ema then GlobalColor("crossdn") else
if obvm > ema then GlobalColor("bull") else GlobalColor("bear"));

input paintCandles = yes ;
AssignPriceColor(
if !paintCandles then color.current else
if obvm crosses above ema then GlobalColor("crossup") else
if obvm crosses below ema then GlobalColor("crossdn") else
if obvm > ema then GlobalColor("bull") else GlobalColor("bear"));

def percentage = (obvm-ema)/ema;
def numericalDifference = obvm - ema;

AddLabel(yes,"PCT%: " + percentage,
if percentage >=0 then COLOR.GREEN else COLOR.RED);

AddLabel(yes, "Variance: " + numericalDifference ,
if numericalDifference> 0 then Color.GREEN else Color.RED);

 

[5rings]

OBV ema , can someone help?

declare upper;

input signalLength = 10;
input showLabel = yes;
input paintCandles = yes;
input ChartBubblesOn = yes;

# OBV with safe initialization inside compoundValue
def obvVal = compoundValue(1, if IsNaN(CompoundValue(1, OBV(), 0)) then 0 else OBV(), 0);

# EMA of OBV
def emaVal = ExpAverage(obvVal, signalLength);

# Plots
plot obvPlot = obvVal;
plot emaPlot = emaVal;

obvPlot.AssignValueColor(if obvVal > emaVal then Color.GREEN else Color.RED);
emaPlot.AssignValueColor(if obvVal > emaVal then Color.GREEN else Color.RED);

AddCloud(obvPlot, emaPlot, Color.GREEN, Color.RED);

# Cross conditions
def crossUpCond = obvVal[1] <= emaVal[1] and obvVal > emaVal;
def crossDownCond = obvVal[1] >= emaVal[1] and obvVal < emaVal;

# Cross arrows
plot crossUpPlot = if crossUpCond then emaVal else Double.NaN;
crossUpPlot.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
crossUpPlot.SetDefaultColor(Color.CYAN);
crossUpPlot.SetLineWeight(3);

plot crossDownPlot = if crossDownCond then obvVal else Double.NaN;
crossDownPlot.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
crossDownPlot.SetDefaultColor(Color.MAGENTA);
crossDownPlot.SetLineWeight(3);

# Labels
AddLabel(showLabel,
if crossUpCond then "OBV Cross Up!" else
if crossDownCond then "OBV Cross Down!" else
if obvVal > emaVal then "OBV Trending Above" else "OBV Trending Below",
if crossUpCond then Color.CYAN else
if crossDownCond then Color.MAGENTA else
if obvVal > emaVal then Color.GREEN else Color.RED);

# Candle coloring
AssignPriceColor(
if !paintCandles then Color.CURRENT else
if crossUpCond then Color.CYAN else
if crossDownCond then Color.MAGENTA else
if obvVal > emaVal then Color.GREEN else Color.RED);

# Chart bubbles
AddChartBubble(ChartBubblesOn and crossUpCond and !crossUpCond[1], close, "Entering Acceleration", Color.GREEN);
AddChartBubble(ChartBubblesOn and crossDownCond and !crossDownCond[1], close, "Entering Deceleration", Color.RED);

 

[useThinkScript]

OBV ema , can someone help?

https://usethinkscript.com/threads/onbalance-volume-for-thinkorswim.19227/#post-144380