RSI with On Balance Volume OBV For ThinkorSwim?


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@jon this looked interesting, not sure if it was the same scripts/code in this thread, but I quickly ported it. I added a 50 line to it, and quick observations on lower time frames, you can trade this with high probably, crossing from OB or OS to the 50 line, quick intraday trading.

#On Balance Volume RSI (OBV RSI) by @robswc
#An RSI, using OBV as the source, use to find divergence in the OBV to indicate reversals.
#Tutorial on youtube:
# 2019.11.24 1.0 @diazlaz - Original Port

declare lower;

input length = 14;
input over_Bought = 70;
input over_Sold = 30;
input src = close;
input averageType = AverageType.WILDERS;
input showBreakoutSignals = no;

#net volume of positive and negative volume
def obv = if (src - src[1]) > 0 then volume else
if (src - src[1]) < 0 then -volume else 0 * volume;
def cnv = TotalSum(obv); #cumulative net volume
def price = cnv;

def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;

plot RSI = 50 * (ChgRatio + 1);
plot OverSold = over_Sold;
plot OverBought = over_Bought;
plot UpSignal = if RSI crosses above OverSold then OverSold else Double.NaN;
plot DownSignal = if RSI crosses below OverBought then OverBought else Double.NaN;

plot mid = 50;
mid.SetPaintingStrategy(paintingStrategy = PaintingStrategy.DASHES);


RSI.DefineColor("OverBought", GetColor(5));
RSI.DefineColor("Normal", GetColor(7));
RSI.DefineColor("OverSold", GetColor(1));
RSI.AssignValueColor(if RSI > over_Bought then RSI.color("OverBought") else
  if RSI < over_Sold then RSI.color("OverSold") else RSI.color("Normal"));


AddCloud(over_Bought, Over_Sold, Color.Light_Gray, Color.Light_Gray);

Last edited:
Quick scalp system to the 50


If anyone improves it, test it or add more criteria please reply.


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Quick scalp system to the 50


If anyone improves it, test it or add more criteria please reply.

@diazlaz To make the OB/OS visually apparent, you might like to consider adding the following one liner to the end

AddCloud(over_Bought, Over_Sold, Color.Light_Gray, Color.Light_Gray);


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    87.2 KB · Views: 63
Hi Guys,

Does anyone know if there is On Balance Volume (OBV) combined together with the RSI indicator for TOS?

Thank You
Is there a way to have a divergence line plotted automatically on the OBV with RSI? If anyone can code it would be a life saver.
stage three sell no Red arrows on the chart for Globex or cash on futures or stocks, the above code in post #24 must-have errors
updated the script to include the AddCloud. thanks tomsk.
Is it possible to add another cloud so I can have the option to determine the upper and lower area separate basically two separate shaded areas one at the top and one at the bottom?
Thank you for sharing this code. Can someone help me made a few tweaks to this code?

Instead of plotting the RSI using Average.Wilders, I need to plot the following:

First I want to get sum of ticks gained for the periods that price went up for let us say 14 days (which can be stored in UpPoints)
Second, I want to get sum of ticks lost for the periods that price went down for the same 14 days (which can be stored in DownPoints)
Third I want to get the ratio of UpPoints/DownPoints.

I was looking for code snippets that can get me that sum. I am new to thinkscript.

Appreciate it.

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