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On Balance Volume Indicator Questions


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Hi Mike,

I'm trying to figure out which "Tick Data" setting works best with the On Balance Volume Indicator.   When I check the "Tick Data" box it seems to often completely change the look and trend of the OBV indicator. I'm wondering for what time frame of chart that this actually takes the volume and direction of each tick and how accurate that data is from Yahoo.  Also, when the "Tick Data" box is unchecked does it use the volume of each bar of the time frame of the chart in question or does it look at something like 1 minute intervals regardless of the chart's bar duration?  Also, does the "Tick Data" work on daily charts?

And, if anyone has any preference or thoughts on this, I would appreciate their comments.

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Well yes - for tick data, OBV takes every tick, checks if it was at/above ask or at/below bid and adds or subtracts its volume accordingly.

For candle (non-tick) data there is no such granularity. So instead the green candles are added and red candles are subtracted from the total.

As you can imagine, it's basically two very different indicators.

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