Worden Brothers Inc. advertise a proprietary indicator called Time Segmented Volume.
This gizmo seems closely to resemble On Balance Volume.
Is there any reason to think that TSV might yield a more useful or timely signal than OBV?
It seems that this is the key difference between OBV and TSV:
"Time segmented volume is the way to get consistent volume data and eliminate all the volume distortions that we discussed above. Here's the key to why time segmented volume works: Let's start with volume on a 5 minute chart and for this example, look at the 10:15 bar. Now take the average of only the 10:15 bars over the prior month and compare that average to the current 10:15 bar. The difference will give a true reading on whether today's 10:15 bar volume is higher or lower in comparison to the exact same time bars over the past month."
OBV is based on a cumulative total volume, while TSV compares the current time period to a previous one, no running total.
As to which is "better", well that depends on a lot of things and it would be unrealistic to assume that one was better than the other in all cases.