You can now download the OBV Trend Indicator for MT4 for free on AtoZ Markets indicators gallery.
OBV is a trading indicator that combines the direction of the price with volume, to give us a sense of the strength of the trend at the moment. OBV is a trading indicator that uses not only the price action of the market, but also the volume, to get a sense of which direction the bulk of the market forces are headed. In order to achieve this, it uses a cumulative volume value, where positive volume is added to the current OBV value, while negative volume is subtracted.
How to Use the OBV Trend Indicator
Trading with the OBV line is really simple. It appears at the bottom of the chart, and the following rules apply:
- If the OBV line is rising, it means that the volume on positive days is higher than the volume on negative days. In other words, the market climate is deemed bullish.
- Conversely, if OBV is falling, it means that the volume on negative days is higher than the volume on positive days. In other words, the market climate is deemed bearish.
How to download and install an indicator
In order to install the indicator on your MT4 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT4>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “OBV Trend Indicator for MT4” template to apply it on the chart.
Note: This indicator was developed by Mark. AtoZ Markets does not carry any copyrights over this trading tool.