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This article defines the On Balance Volume Index and explains how it is calculated.
The On Balance Volume Index is based on the average trade volumes, average trade volumes for days when the stock price increased, and final stock prices for the last four weeks compared to the same information for the previous four weeks. The On Balance Volume Index for a stock increases as the prices and trade volumes for the stock increase. This can be an indication of significant buying activity.
The On Balance Volume Index is based on this formula:
300 x (S1 x P1 x V1) / (S0 x P0 x V0)These values are defined in the following table:
Note The most significant increases in this index occur when stock price and trading volume both significantly increase.
The On Balance Volume search in the stock finder in MSN Money Investing uses the the figure for On Balance Volume reported by Media General.
There is a significant difference between the definition of On Balance Volume in the MSN Money Investing Glossary and the definition of On Balance Volume Index on the Media General Web site. This is because On Balance Volume is based on daily price and volume data, and the On Balance Volume Index is based on price and volume data for a pair of 4 week periods.