Volume indicators

OBV: On Balance Volume

Adds the volume on up days and subtracts it on down days, to see whether volume is backing the trend.

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L’idée en termes simples

The idea is that volume moves before price: big players buying quietly push volume up on up days before the price takes off. OBV keeps a running score.

Mode de calcul

If the close is higher than yesterday's, add today's volume; if lower, subtract it.

OBV = previous OBV + volume   (close up)
OBV = previous OBV − volume   (close down)
OBV unchanged when the close is unchanged

Comment l’utiliser

OBV rising with the price: the trend is supported.
OBV breaking out before the price: a possible early sign of a price breakout.

Tirer des conclusions

Look at OBV's trend and divergences, not its value.

Exemple

An index is flat for a month while OBV keeps rising; the index then breaks out to the upside.

Les prix des exemples sont donnés à titre d’illustration.

Points de vigilance

On currencies, metals and CFDs there is no central exchange volume. The chart uses "tick volume", the number of price changes in each candle, which follows real activity closely but is not the number of contracts traded.

Un peu d’histoire

Joe Granville popularised OBV in his 1963 book "Granville's New Key to Stock Market Profits".

Contenu éducatif uniquement. Aucun indicateur ni aucune figure ne prédit l’avenir, et rien ici ne constitue un conseil en investissement.