The Balance of Power is an indicator that measures the strength of buyers versus that of sellers in the market, and needs to be smoothed by a moving average to be of much practical use (come to think of it, most indicators are smoothed by a moving average; this is why the RSI lookback mostly commonly used is 14, and not 1, but I digress...). I suppose it is...
**** Code updated. Make sure you pick up the latest version posted (not the code in the published chart) ******
An oscillator that represents the battle between the bulls and the bears in the market.
BOP supports spotting price divergence, trends, and overbought-oversold levels.A change in the BOP trend serves as a warning signal and should be confirmed by a...
here is an updated version of the indicator script I published yesterday.
The goal of this indicator is to try and find darkpool activity. The indicator itself is not enough to fully identify darkpool but it should be able to detect quiet accumulation. What makes this Balance of Power different from others on TV is that it is smoothed by using a moving...
This is an improvement of the script published by LazyBear,
The improvements are:
1. it includes gaps because it uses true range in stead of the current bar,
2. it has been turned into a percent oscillator as the basic algorithm belongs in the family of stochastic oscillators.
Note; this is experimental / learning work -- has nothing to do with the existing "Ultimate Oscillator" -- i call this project UTOpia :)
This is based on some research work i was doing around the Balance Of Power - which i posted about in the past
the conclusion form there...
A simple variation on the balance of power idea, using a weighted moving average and a basic lookback to attempt to predict the motion in the next tick.
As far as a trading pattern goes, it's performance is rather conservative, and it is rather noisy as it doesn't do a good job of preventing quick, meaningless trades.