On Balance Volume: Free TradingView Indicator (Pine Script)

Add It to Your TradingView Chart

1Copy the scriptPress Copy script above, or the copy button on the code below.
2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.

Source Code

112 lines of Pine Script v6 from strategies/strategies3/On Balance Volume.pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.

On Balance Volume.pine

// This Pine Script® code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © tamth_
 
//@version=6
indicator("On Balance Volume", "OBV", overlay = false, precision = 2, max_labels_count = 500, max_lines_count = 500, max_boxes_count = 1000, max_bars_back = 1000)

//-----------------------------------------------------------------------------
// Constants
//-----------------------------------------------------------------------------
// Colors
color TRANSPARENT_COLOR = color.new(#000000, 100)
color WHITE_COLOR      = #dee2e6
color BLACK_COLOR      = #000000
color RED_COLOR        = #F72585
color ORANGE_COLOR     = #fb5607
color YELLOW_COLOR     = #ffbe0b
color GREEN_COLOR      = #2a9d8f
color AQUA_COLOR       = #4CC9F0
color BLUE_COLOR       = #4361ee
color PURPLE_COLOR     = #3F37C9
color PINK_COLOR       = #B5179E
color LIGHT_GRAY_COLOR = #364156
color DARK_GRAY_COLOR  = #212d40
color TEXT_COLOR       = #ced4da

//-----------------------------------------------------------------------------
// Common Variables
//-----------------------------------------------------------------------------
// Bar index and input
series int barIdx = bar_index

//-----------------------------------------------------------------------------
// Common Methods
//-----------------------------------------------------------------------------
// Debug label function
debug(simple string txt) =>
    var label lbl = label.new(barIdx, na, txt, xloc.bar_index, yloc.price, color(na), label.style_none, WHITE_COLOR, size.large, text.align_left)
    label.set_xy(lbl, barIdx, ta.highest(10)[1])
    label.set_text(lbl, txt)

//-----------------------------------------------------------------------------

//-----------------------------------------------------------------------------
// On Balance Volume
//-----------------------------------------------------------------------------
// Settings
//-----------------------------------------------------------------------------
obvGrp = "On Balance Volume"
obvEma1Showed = input.bool(defval = true, title = "EMA 1", inline = "ema1", group = obvGrp)
obvEma1Len = input.int(defval = 21, title = "", minval = 1, inline = "ema1", group = obvGrp)
obvEma1Color = input.color(defval = AQUA_COLOR, title = "", inline = "ema1", group = obvGrp)
obvEma2Showed = input.bool(defval = true, title = "EMA 2", inline = "ema2", group = obvGrp)
obvEma2Len = input.int(defval = 55, title = "", minval = 1, inline = "ema2", group = obvGrp)
obvEma2Color = input.color(defval = PURPLE_COLOR, title = "", inline = "ema2", group = obvGrp)
obvEma3Showed = input.bool(defval = true, title = "EMA 3", inline = "ema3", group = obvGrp)
obvEma3Len = input.int(defval = 144, title = "", minval = 1, inline = "ema3", group = obvGrp)
obvEma3Color = input.color(defval = PINK_COLOR, title = "", inline = "ema3", group = obvGrp)
obvBodyUpColor = input.color(defval = TRANSPARENT_COLOR, title = "Body", inline = "bcol", group = obvGrp)
obvBodyDnColor = input.color(defval = TRANSPARENT_COLOR, title = "", inline = "bcol", group = obvGrp)
obvBorderUpColor = input.color(defval = WHITE_COLOR, title = "Border", inline = "bocol", group = obvGrp)
obvBorderDnColor = input.color(defval = BLUE_COLOR, title = "", inline = "bocol", group = obvGrp)

//-----------------------------------------------------------------------------
// Methods
//-----------------------------------------------------------------------------
// obvHaClose = (open + high + low + close) / 4
// obvHaOpen  = (open[1] + close[1]) / 2     
// obvHaHigh  = math.max(high, math.max(open, close))
// obvHaLow   = math.min(low,  math.min(open, close))
obvHaClose = close
obvHaOpen  = open    
obvHaHigh  = high
obvHaLow   = low

obvTw = obvHaHigh - math.max(obvHaOpen, obvHaClose) 
obvBw = math.min(obvHaOpen, obvHaClose) - obvHaLow 
obvBody = math.abs(obvHaClose - obvHaOpen) 

obvGetRate(cond) =>
    ret = 0.5 * (obvTw + obvBw + (cond ? 2 * obvBody : 0)) / (obvTw + obvBw + obvBody) 
    ret := nz(ret) == 0 ? 0.5 : ret
    ret
    
//-----------------------------------------------------------------------------
// Calculate
//-----------------------------------------------------------------------------
obvDeltaUp =  volume * obvGetRate(obvHaOpen <= obvHaClose) 
obvDeltaDn = volume * obvGetRate(obvHaOpen > obvHaClose)
obvDelta = obvHaClose >= obvHaOpen ? obvDeltaUp : -obvDeltaDn
obvCumDelta = ta.cum(obvDelta)
float obvCumDeltaOpen = obvCumDelta[1]
float obvCumDeltaHigh = math.max(obvCumDelta, obvCumDelta[1])
float obvCumDeltaLow = math.min(obvCumDelta, obvCumDelta[1])
float obvCumDeltaClose = obvCumDelta
float obvClose = na
float obvOpen = na
float obvHigh = na
float obvLow = na
obvClose := (obvCumDeltaOpen + obvCumDeltaHigh + obvCumDeltaLow + obvCumDeltaClose) / 4
obvOpen  := na(obvOpen[1]) ? (obvCumDeltaOpen + obvCumDeltaClose) / 2 : (obvOpen[1] + obvClose[1]) / 2
obvHigh  := math.max(obvCumDeltaHigh, math.max(obvOpen, obvClose))
obvLow   := math.min(obvCumDeltaLow, math.min(obvOpen, obvClose))

//-----------------------------------------------------------------------------
// Render
//-----------------------------------------------------------------------------
plotcandle(obvOpen, obvHigh, obvLow, obvClose, title = 'OBV Candles', color = obvOpen <= obvClose ? obvBodyUpColor : obvBodyDnColor, bordercolor = obvOpen <= obvClose ? obvBorderUpColor : obvBorderDnColor, wickcolor = obvOpen <= obvClose ? obvBorderUpColor : obvBorderDnColor, display = display.pane)
plot(obvEma1Showed ? ta.ema(obvClose, obvEma1Len) : na, title = "EMA 1", color = obvEma1Color, display = display.pane)
plot(obvEma2Showed ? ta.ema(obvClose, obvEma2Len) : na, title = "EMA 2", color = obvEma2Color, display = display.pane)
plot(obvEma3Showed ? ta.ema(obvClose, obvEma3Len) : na, title = "EMA 3", color = obvEma3Color, display = display.pane)

//-----------------------------------------------------------------------------

Overview

Traders can toggle and configure three distinct EMAs with default lengths of 21, 55, and 144. The indicator provides extensive visual settings, allowing customization of EMA colors, candle body fills, and border outlines for volume-based candlestick rendering.

On Balance Volume metric calculation
Three customizable EMA trend overlays
Configurable candle body and border colors
Separate indicator pane display

Details

Published by

TamTH-Dev on GitHub

Code credit

tamth_, as written in the script's header

Type

Indicator, Pine Script v6

Draws

Separate pane below the chart

Markets

Any symbol

Timeframes

Any timeframe

Risk Notes

No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.

File

strategies/strategies3/On Balance Volume.pine

Repository

github.com/TamTH-Dev/trading-view-scripts. See its other scripts in the library

Settings

The inputs you can change from the gear icon on the chart. Defaults are the author's.

Setting	Type	Default	Variable
EMA 1	`bool`	`true`	`obvEma1Showed`
obvEma1Len	`int`	`21`	`obvEma1Len`
obvEma1Color	`color`	`AQUA_COLOR`	`obvEma1Color`
EMA 2	`bool`	`true`	`obvEma2Showed`
obvEma2Len	`int`	`55`	`obvEma2Len`
obvEma2Color	`color`	`PURPLE_COLOR`	`obvEma2Color`
EMA 3	`bool`	`true`	`obvEma3Showed`
obvEma3Len	`int`	`144`	`obvEma3Len`
obvEma3Color	`color`	`PINK_COLOR`	`obvEma3Color`
Body	`color`	`TRANSPARENT_COLOR`	`obvBodyUpColor`
obvBodyDnColor	`color`	`TRANSPARENT_COLOR`	`obvBodyDnColor`
Border	`color`	`WHITE_COLOR`	`obvBorderUpColor`

Show all 13 settings

Setting	Type	Default	Variable
obvBorderDnColor	`color`	`BLUE_COLOR`	`obvBorderDnColor`

Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.

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