Creating a Volume Stock Trading Strategy
<p>Volume can sometimes provide hidden patterns that point to the market’s direction. This article discusses the main volume technical indicator and applies a simple strategy on it using Pine Script, Trading View’s coding language.</p>
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<h1>The On-Balance Volume Indicator</h1>
<p>The On-Balance Volume (OBV) indicator is a technical analysis tool used to measure the buying and selling pressure of a security. It was developed by Joseph Granville in the 1960s.</p>
<p>The OBV indicator measures the cumulative volume of a security, based on whether the price of the security closes higher or lower than the previous day. If the closing price is higher than the previous day’s close, then the volume for that day is added to the OBV. Conversely, if the closing price is lower than the previous day’s close, then the volume for that day is subtracted from the OBV. If the closing price is unchanged, then the OBV remains the same.</p>
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