This is an indicator for Indian markets.
It shows the relative strength of particular stock to the underlying index.
The concept of this indicator is well described in Stan Weinstein's book.
Quick analysis for TRENDING markets. This script tracks trend and 3 pullbacks ranges from n-bar max/lows.
Pullback values are floats so ranges can be < 1% for intraday trading. On top of it, it also provides non-lagging "directional bias" candle colors by tracking the earliest possible swing highs.
Also, thanks for the 100+ likes on my previous script ("Day...
This is a straightforward modification of LazyBear's CCI-coded OBV indicator with the following changes:
1) uses log-hl2 as source, which seems to be a more stable indicator of price change than close
2) adds optional price smoothing
IDEA is to easily spot the length of a calm periods based on OBV.
Some says that after a longer OBV-calm (but not supercalm) period up or down rallies are somewhat more likely)
METHOD: variance of OBV
ADVISE: cannot be used on its own, just with others (RSI, CCI, Coppock, MACD etc.)
Period shall be adjusted to the market.
PERSONAL: I also use it to evaluate...
![IBOV: [tududu] Pullbacks and Directional Bias](https://s3.tradingview.com/4/4pSceLqX_mid.png "[tududu] Pullbacks and Directional Bias")
![XVGBTC: On Balance Volume (CCI-coded) [Krypt]](https://s3.tradingview.com/o/oItvRwwb_mid.png "On Balance Volume (CCI-coded) [Krypt]")
