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They are classic books. Granville was a
pioneer in breadth analysis and in his early days he was right on. Then
along came options and he got taken with the speculative fever and had a very
volatile experience where he either did extremely well or bombed out. He
is one others quote and his indicators are in most software. That is why
you might be better off with a more current book. Some people like me buy
everything indiscriminately. As a result I have a boatload of books that
takes a UHaul truck to move them. I would not pay $125 for his books unless you
have a passion to collect or just plain want to know what a man thougt, which is
justification enough for me. Onbalance volume is no big deal and makes a
big assumption about adding all the volume if the day is up and subtracts all
the volume if the day is down. That is clearly an erronius calculation,
even though it has reasonably acceptable results. OBV was followed by
another indicator that assigned a proportion of volume depending on where the
close was with respect to the H and L. That was closer but still not
correct. Only when realtime data was available could a real cumulative A/D
line on volume be calculated. Likewise now that up and down volume is
available the same CV can be done for end of day data. Back in the early
days of bucket shops, all you had was total volume so things like OBV were used
for estimates.
BobR
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