Volume Accumulation

The Volume Accumulation indicator, developed by Mark Chaiken, is a modification of the traditional On Balance Volume (OBV) indicator. Instead of assigning all the period's volume to either buyers or sellers, the Volume Accumulator uses a proportional amount of volume based on the relationship between the closing price and its intra-period mean price. In effect, the indicator is measuring shades of gray that traditional volume indicators like OBV miss.

However, if prices close at the period's high or low, all volume for that period will be assigned accordingly, regardless of the relationship to the intra-period mean price.

Movement of the oscillator above the zero line measures buying pressure, while movement below the zero line measures selling pressure.