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To: ratan lal who wrote (21974)	3/20/1998 1:06:00 PM
From: DWCraig	Read Replies (1) \| Respond to of 36349

"What is the definition of 'on-balance volume' ?" From Elder's book: "On-Balance Volume (OBV) is a running total of volume. It rises or falls each day, depending on whether prices close higher or lower than on the previous day. When a stock closes higher, it shows that bulls won the day's battle; its volume on that day is added to OBV. When a stock closes lower, it shows that bears won the day, and that day's volume is subtracted from OBV. If prices close unchanged, OBV stays unchanged. ... OBV often rises or falls before prices--it acts as a leading indicator." Of course, it also applies to intraday charts, with less and less significance the shorter the time frame. Most charting software has it built in. Good luck. -Doug