Balance of power indicator

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  • 10/11/2017 at 11:53 AM #49027 quote
    Talero125
    Participant
    New

    Hello! I would like to test the indicator 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)

    I found this code in internet but it doesn´t work in Prorealtime so I need your help please! Thank you very much

    //@version=3
    study(“True Balance of power”)
    per=input(30, title=”periods for Emoline”, type=integer, step=1, minval=4)
    trhi = max(high, close[1]) //true high
    trlo = min(low, close[1]) //true low
    trop = close[1] //true open
    bop = 100*(close-trop)/(trhi-trlo) //True Balance of Power as percent
    lin= 1.5*linreg(bop, per, 0) //linear regression as emoline
    bgcolor(lin0?green:orange, style=columns) //plot BOP as columns
    plot(lin, title=”Emoline”, color=rising(lin,2)?blue :black, linewidth=3) //plot emoline as line
    hline(0, linestyle=line) //zero level

    10/11/2017 at 12:14 PM #49029 quote
    JC_Bywan
    Moderator
    Master

    Hi, welcome to PRC forums, I’m moving your post from Spanish forum “Soporte ProBuilder” to English forum “ProBuilder support”, as the custom on PRC forums is to use the language of the forum we post in.

    10/11/2017 at 2:08 PM #49040 quote
    Nicolas
    Keymaster
    Master

    I translated the indicator into ProBuilder version, you can find and download it here now: Balance of Power

    10/12/2017 at 11:31 AM #49114 quote
    bolsatrilera
    Participant
    Master

    Hi, Nicolas,your version is the True Balance of Power,I have this version:

    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
backgroundcolor (252,213,208)
endif
if bop > 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"
    10/12/2017 at 11:35 AM #49116 quote
    bolsatrilera
    Participant
    Master

    The Balance of Power by Lazy Bear is this:

    REM BALANCE OF POWER
// @author LazyBear
//código original para la plataforma Tradingview
// Balance Of Power - BOP
//adaptación para Prorealtime por bolsatrilera

length=14
BOP=(close - open) / (high - low)

if BOP >0 then
if BOP > BOP[1] then
r = 154
g = 205
b = 50
else
r=255
g=165
b=0
endif
elsif BOP >BOP[1] then
r=255
g=165
b=0
else
r=255
g=0
b=0
endif

PlotEma=Average[length](BOP)

return BOP coloured (r,g,b)style(histogram)as "Bop",PlotEMA coloured (0,0,255)as "EMA",0 as "0"
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Balance of power indicator


ProBuilder: Indicators & Custom Tools

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Talero125 @talero125 Participant
Summary

This topic contains 4 replies,
has 4 voices, and was last updated by bolsatrilera
8 years, 4 months ago.

Topic Details
Forum: ProBuilder: Indicators & Custom Tools
Language: English
Started: 10/11/2017
Status: Active
Attachments: 4 files
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