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 • 132 days ago #

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

  2. bolsatrilera • 132 days ago #

    and the code :
    REM TRUE BALANCE OF POWER
    // código 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
Related users ' posts
Rosario Spina Ciao Nicolas complimenti per l'indicatore è veramente ottimo utilizzarlo assieme l'analisi t...
haseluis the indicator "volume at price level" is shown on the left side of the chart, I want to have...
Nicolas Well, why not, but it has nothing to deal with this post? and I don't think that's possible ...
supertiti Bonsoir à tous For those who like me want to calibrate this indicator on a scale of 0 to ...
verdi55 You can find me at www.FXautomate.com Ahh. So i got it ? 4 different supertrends without th...
juanj What? This has nothing to do with the website. The site is simply a service to help people ...
Nicolas Advertising is allowed,as long as people are helping others and if provided services are abo...
styrke Hello Nicolas, Nice screener, I appreciate the way you always try to condense at maximum th...
Nicolas There's no particular reason. RSI is widely use with its default period and results seems re...
Vonasi I noticed a couple of typo errors in the code. The list of variables lines 4 to 11 should be...
Genotik Thank you for your important contribution this week which is much appreciated! Happy New Yea...
Vonasi No problem. I hope they are useful to someone. Happy and hopefully prosperous New Year to y...
DarioMazza Hi Vonasi, i have a question for you, the comand "pricetype" where did you found it in the ...
Vonasi PriceType is just a variable that I use. The value decides what type of price is used in the...
Vonasi I noticed a couple of typo errors in the code. The list of variables lines 4 to 11 should be...
MaoRai54 Hi, first of all Happy New Year. Well, I've inserted your indicator in DAX 1h but I cann...
Vinks_o_7 Hi Mao Happy New Year ! This is just an improved RSI where you plot a standard price momen...
fabioerliam Grazie! Buona giornata
fabioerliam Ciao Francesco! Ti disturbo ancora per chiederti se conosci o se eventualmente pensi si poss...
fabioerliam P.s. ho provato a togliere le divergenze nascoste (hd) dall'indicatore, ma nonostante inseri...
Nicolas
2 months ago
Trinity Impulse
Trinity Impulse
3
Indicators
ribou bonjour Nicolas Bravo pour l'ensemble de ton oeuvre très riche en informations de qualité ...
Nicolas Cet indicateur nécessite que l'instrument possède des Volumes. Sinon il ne pourra pas se cal...
ribou ah d'accord merci beaucoup
Nicolas
4 months ago
Genotik Merci !
Rolanbay Merci beaucoup, c'est exactement ce qu'il fallait faire.
Youness Charif Bonjour Nicolas, L'indicateur s'affiche dans une fenêtre en bas et non pas sur le cours....
Nicolas Appliquer l'indicateur sur le prix à l'aide de la clé à molette située en haut à gauche de v...
Marcel
4 months ago
Marcel For those who are interested, I post trade opportunities with this indicator on Twitter. (@M...
swapping Thank you for sharing, best regards
Tellie2015 tack ska du ha för dina delningar både här o twitter
Genotik Merci de votre contribution !
Leo Hi all, I posted a new version of this indicator ( I just add arrows to spot the local maxi...
Trading_En_El_Ibex35 Muchas Gracias por compartir este interesante indicador. Un saludo
Nicolas
4 months ago
primo1 Bonjour Nicolas, sur quelle échelle de temps minimum tu utilises l indicateur je pense...
primo1 Bonjour Nicolas Pour créer la strategie comment peux tu traduire l"apparition des points....
Nicolas Exemple dans ce sujet du forum ProOrder : https://www.prorealcode.com/topic/perfect-trend-in...
sawer36 Your indicators are amazing, thanks for your website and your contributions

Top