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 • 344 days ago #

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

  2. bolsatrilera • 344 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 avatar
Related users ' posts
Pepsmile Hi FULVI, Interesting. But seems to take into account only bull trend.
Nicolas
4 weeks ago
Maxime Baudin Interesting, Thank you! :)
franck-david Bonjour Nicolas , actuellement je me forme grace a vos videos tres tres bien expliques mer...
Nicolas Merci. ça n'est pas le lieu pour poser ce genre de question :) Merci d'utiliser le forum Pro...
Vonasi Discussion on this indicator/filter can be found here: https://www.prorealcode.com/topic/121...
TAC Bolsa Muy Buen trabajo Jose... no lo he podido mirar hasta ahora... y me parece muy bueno...... so...
Jose7674 Claro, es muy sencillo de adaptar! Ya pondrás algún resultado o idea que saques. La idea s...
cc Excelente indicador @jose7674 Seria ideal que pudiera detectar las divergencias reales como ...
pableitor Hola Domenec, un indicador muy original y util que ciertamente añade mucha informacion a la ...
Domenec Hola Pableitor porque aqui lo que pretendo es programar un nuevo codigao mas ajustado para q...
Juanjo Hola Domenec. He visto en los videos que hablas continuamente de mercado de futuros con grá...
Geronima Ortiz I watched the video three times, but I can not put the npips parameter as a variable. I do...
Geronima Ortiz I think the video is for an old version of prorealtime, the images do not correspond at all ...
Nicolas indicator1 = CALL “PRC_StopReversal”[npips, 1] and define npips in the optimization window ...
Caribeengeek Bonjour j’avais vu que vous proposiez d’écrire des codes pour ceux qui s’y connaisse pas Mai...
Caribeengeek Les devises unité
Nicolas Merci d'utiliser le forum pour les demandes de programmation personnalisée
winnie37 Merci Nicolas. J'ai un bug d'affichage quand j'utilise ton indicateur. La bougie en cours ...
Toto le Heros Thanks Nicolas. I read somewhere that in the calculation, we should round the value of the A...
Nicolas aADX = round(adx[10])
bolsatrilera
6 months ago
Rainbow Oscillator
Rainbow Oscillator
1
Indicators
Maxime Baudin Interesting, thanks! Combine this indicator with the bollinger bands there is enough to make...
beppe8949 Ciao Nicolas! Perdonami, ma come si fa a estendere il periodo dell'indicatore a 100 000 unit...
beppe8949 No ok ho risolto! Grazie :)
stecr Ciao a tutti e a NIcolas, vpoichè con lo zigzag non è attendibile l'ultima barra (visto che...
Nicolas
8 months ago
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...
Angel Perez Ciao Francesco. First of all thanks for the indicator and also fro the screener. I do have a...
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...

Top