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Balance Of Power by Igor Livshin
The balance of power (BOP) indicator, presented by Igor Livshin in his article in this
issue, can be easily recreated in MetaStock 6.52 or higher. To create the BOP in MetaStock, select the "Indicator Builder" from the Tools menu. Then click "New" and enter the following formula:

Balance Of Power - BOP

THL:=If(H-L=0,.00001,H-L);
{Reward Based on the Open}

BuRBoO:=(H-O)/(THL);
BeRBoO:=(O-L)/(THL);
{Reward Based on the Close}

BuRBoC:=(C-L)/(THL);
BeRBoC:=(H-C)/(THL);
{Reward Based on the Open-Close}

BuRBoOC:=If(C>O,(C-O)/(THL),0);
BeRBoOC:=If(C>O,0,(O-C)/(THL));
BOP:=(BuRBoO+BuRBoC+BuRBoOC)/3 - (BeRBoO+BeRBoC+BeRBoOC)/3;
BOP

 

e-w-Balance_Of_Power.gif
To plot the moving average, add the following line to the formula:

Mov(BOP,14,S)
Note: You can replace "14" with your desired number of periods.

--Cheryl C. Abram, Equis International, Inc.
http://www.equis.com
Source / From: TOP
http://www.traders.com

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