Comparing relative action between price bars and OBV generates more actionable signals than the green or red volume histograms commonly found at the bottom of price charts.From the following examples, you can see that there was a reversal when current OBV. As long as the secondary time frame is greater than the primary time frame. You can have OBV for 15 or 60 minute on your 5 minutes chart, or having weekly OBV on Daily chart. OBV shows crowd sentiment that can predict a bullish or bearish outcome. With this MTF version OBV, you can apply any time frame of OBV to your current chart.The movement of the BOP below the Zero Line shows bears have the power. Balance Of Power - BOP // // v2 - Updated to match ThinkOrSwim platform. The Balance of Power formula is: Balance of Power (BOP) (CLOSING PRICE OPENING PRICE) / (HIGH PRICE LOW PRICE) The presence of the BOP indicator above the Zero Line indicates a positive market sentiment with bulls in power. On-balance volume (OBV) is a technical indicator of momentum, using volume changes to make price predictions. Balance of Market Power TradingView Custom Indicator a guest.
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