Balance of Power

v10.3
Balance of Power

The Balance of Power indicator measures the market strength of buyers against sellers by assessing the ability of each side to drive prices to an extreme level. The calculation is: Balance of Power = (Close price – Open price) / (High price – Low price) The resulting value can be smoothed by a moving average.

Traders may use this indicator to help:

  • Identify the direction of a trend.
  • Find divergences between the price and the BoP in order to identify a potential trend reversal or trend continuation setup.
  • Take advantage of overbought and oversold conditions.

(description found on the web)

Code converted from Pinescript (tradingview) version by a request in the english indicators forum section.

 

Share this

Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

ProRealTime ITF files and other attachments : How to import ITF files into ProRealTime platform?

New! PRC is also now on YouTube, subscribe to our channel for exclusive content and tutorials

  1. bolsatrilera • 10/11/2017 #

    Hi Nicolas, I have this version of the True Balance Power ,created by eykpunter on Tradingview :

  2. bolsatrilera • 10/11/2017 #

    and the code :
    REM TRUE BALANCE OF POWER
    // cĂłdigo original de eykpunter para la plataforma Tradingview
    //reforma del script de LazyBear
    //@version=3
    //adaptado para Prorealtime por bolsatrilera

    per=30 //title=”periods for Emoline”, type=integer, step=1, minval=4)
    hihi = max(high, close[1])
    lolo = min(low, close[1])
    opop = close[1]
    bop = 100*(close-opop)/(hihi-lolo) //part of range
    lin= 1.5*LinearRegression[per](bop)
    if lin 0 then
    r=154
    g=205
    b=50
    else
    r=255
    g=165
    b=0
    endif

    return bop coloured (r,g,b)style (histogram)as “True Bop”,lin style(line,2)as “Emoline”, 0 as “0”

avatar
Register or

Likes

avatar avatar avatar avatar avatar avatar avatar avatar
Related users ' posts
XXXXVII Fixed ITF Trend Background //Indicateur CCI ID2 = CCI[50] => 60 ID3 = CCI[100] => 60...
Screw27 Hi man, I installed the indicator and i don't know why but my graph it is so big
HelixKing sounds interesting I'll take a look
Darren Nash Thanks Souhail, in the end i just copy/paste the logic with variables and it works. I rem...
Darren Nash One thing to note also for DOW trading if using IG, change the buy/sell qty from 1 to 2
mostafa samady How can I optimize it for DAX 30? Thanks!
born2trading hello Nicolas, sorry for off-topic question, but can you tell me what kind of indicator you ...
Nicolas Not an indicator but an option in PRT v11.
Screw27 Salut nicolas j'aimerais savoir tes résulats grace a cettte methode
eva.g.forsgren Jag fĂĄr felkod pĂĄ rad 56?
Nicolas This indicator only works on PRTv11 onwards.
Jan If you start PRT via your trading account at IG.com, the PRT version 11 is not available yet...
Nicolas Il faut l'appliquer sur le prix, en allant dans les paramètres du prix.
tonycom95 Bonjour Nicolas est ce que cet outil est utilisable sur les actions ? Désolé si ma question ...
Nicolas Bien sûr, pourquoi pas ?
Nicolas No, all codes on our website are to be used with ProRealTime: https://www.prorealtime.com/en/
dg007 BUON GIORNO E' POSSIBILE AVERE UN CHIARIMENTO?GRAZIE MILLE
Nicolas Poni qui la tua domanda se è correlata a questo indicatore, altrimenti apri un nuovo argomen...
bob789 Once you download it, how do you upload it into PRT? thanks
Nicolas How to import file page: in the help section of the website explains howto
kenssa import through the indicator page/window in the Proreal time
danistuta Hi, thank you...now it works with prorealtime 10.3:-) I'd like test on EUR/USD...could you s...
Jan Just run the code for this pair, make sure you have the right spread filled. What you could...
oxy75 Hello. I understood that we were waiting to choose two values ​​between 0 and 69 for the two...
Stockastiss Can this code be simply transferred into Backtestingcode so one doesnt need to use call ? (i...
Vonasi Sorry for the late reply. Add the code to your strategy and remove line 5 and line 39. Chang...
leofi https://www.prorealcode.com/topic/simple-average-with-visual-color/
leofi Go visit www.prorealcode.com/topic/simple-average-with-visual-color/ and watch 2em post
Dritan Hi,I am new on Prorealtime and coding.I downloaded the indi but I have it on a separate wind...
Nicolas Use the color variables R and G to test if the trend is bullish (R=0) or bearish (R>0).
s00071609 Where can i find the syntax to test the colour of the line, I am calling the indicator value...
Nicolas You should open a new topic to discuss about the strategy and its coding.
Byggtrader Hi Nicolas! How do I get the indicator in the price chart? It only stays under i new chart.
Nicolas Just add it on the price chart by using the wrench on the left upper side of the chart (pric...
scarphace38 Bonsoir, je découvre PRT et je n'arrive pas a afficher le meme résultat pour l'indicateur de...
Dom Hello, hello....je commence le trading et découvre par la même occasion le codage....et ce n...
Nicolas Merci, ça fait plaisir !
Wilko Thanks for the idea! This type of scoring can really help in not only identifying regimes ...
Vonasi Thanks for the compliments Wilko.
Nicolas
9 months ago
Jan Wind "There are two methods of using Kagi: We buy when there is a turnaround and sell when there...
Nicolas Thanks, let us know how it is going?
Jan Wind Hallo Nicolas, I have tested the pre-mentioned concept, and had to change the concept : ...
Alai-n @Vonasi Thanks
jiddan78 how to convert to afl amibroker ?
Nicolas We do not supply free coding assistance for AFL Amibroker on the website. You can ask for pa...
manchokcity can we have it in mql4 platform? or how or which platform do we use it?
camporan I don't use MetaTrader so I won't be able to do the translation myself. Sorry!
Alexander9 This can for amibroker ? . Thanks

Top