Outside Vertical Bar OVB
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Definition of 'Outside Vertical Bar OVB'
An OVB is an Outside Vertical Bar.
In the chart below Bar B is a down OVB because it closes lower than it opened and trades both above and below the high and low of the previous bar, in this case Bar A. Bar C is also an OVB but is an up OVB because it closes higher than the open and has trades above and below the high and low of Bar B, the previous bar.
In the chart below Bar B is a down OVB because it closes lower than it opened and trades both above and below the high and low of the previous bar, in this case Bar A. Bar C is also an OVB but is an up OVB because it closes higher than the open and has trades above and below the high and low of Bar B, the previous bar.
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