Many investors believe On-Balance Volume would rises (accumulates) before prices rise, or falls (distributes) before prices fall. Investigator lets you test this theory in two ways. Investigator also allows you to combine OBV testing conditions with bar patterns and other indicator testing conditions.
First, select the time period and enter the number of bars ago value that you want to use for testing.
You now have two choices which you can choose to use individually or combined.
If you click on the New High or Low checkbox, Investigator will look for a new high or low within the number of bars that you specify. You must also specify the time period that you wish Investigator to search for the new high or low. For example, if you want to see if a financial instrument has made a new high on the current bar for the entire chart, you would click the New High checkbox, enter 1 in the Within edit box, and then click the All Bars checkbox. If you want to see if a financial instrument has made a new low within the past 5 bars over the last trading year (roughly 250 trading bars, assuming you are looking at a daily chart), you would click the New Low checkbox, enter 5 in the Within edit box, and then enter 250 in the Over Past edit box. The program default is a new high or low within 5 bars over all bars.
The other option you can choose is Divergence Up or Down. If you select the Divergence Up or Down option, you must enter the number of bars that you wish Investigator to check for the divergence. The program default is 10.