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

Balance of Market Power (BMP)

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));

BMP:=(BuRBoO+BuRBoC+BuRBoOC)/3 - (BeRBoO+BeRBoC+BeRBoOC)/3;
BMP

 

 

To plot the moving average, add the following line to the formula:

 

MAP:=Input("Moving Average Period:",2,100,14);
Mov(BMP,MAP,S)

 

 

--Cheryl C. Abram, Equis International, Inc.
http://www.equis.com

Source / From: TOP
http://www.traders.com

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