JeroenHouttuin

Cumulative Force, Weighted OBV

Cumulative Force Indicator. Can also be seen as an OBV indicator that takes the price differences into account. In a regular OBV, a high volume bar can make a huge difference, even if the price went up only 0. 01 , and it it goes down 0. 01 instead, that volume makes the OBV go down big time, even though in both cases hardly anything really happened. cForce is a more realistic view on where the money is flowing.

This is my first published script, so feel free to let me know if you see room for improvements.
Skrip open-source

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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////////////////////////////////////////////////////////////
//  Copyright by Playak v1.0 29/01/2015
// Cumulative Force Indicator. Can also be seen as an OBV
// indicator that takes the price differences into account.
// In a regular OBV, a high volume bar can make a huge difference,
// even if the price went up only 0.01, and it it goes down 0.01
// instead, that huge volume makes the OBV go down, even though
// hardly anything really happened.
////////////////////////////////////////////////////////////
study(title="Cumulative Force / Weighted OBV", shorttitle="cForce")
b = input(title="Close relative to open (default is relative to previous close)", type=bool, defval=false)
force = volume * (close - (b ? open: nz(close[1])))
xforce = cum(force)
plot(xforce)