Balance of Power for Amibroker (AFL)
shaukat almost 16 years ago Amibroker (AFL)
The balance of power (BOP) indicator measures the strength of the bulls vs. bears by assessing the ability of each to push price to an extreme level.
Indicator / Formula
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_SECTION_BEGIN("test 3");
// Balance of Power
// Example code can be found at:
// http://www.traders.com/Documentation/FEEDbk_docs/Archive/082001/TradersTips/TradersTips.html
//----- This prevents a bad data point from generating a divide by zero.
THL = IIf(H != L, H - L, 0.01);
//----- Reward based on Open
BullOpen = (H - O)/THL;
BearOpen = (O - L)/THL;
//----- Reward based on Close
BullClose = (C - L)/THL;
BearClose = (H - C)/THL;
//----- Reward based on Open - Close
BullOC =IIf(C > O, (C - O)/THL, 0);
BearOC =IIf(O > C, (O - C)/THL, 0);
BullReward = (BullOpen + BullClose + BullOC)/3;
BearReward = (BearOpen + BearClose + BearOC)/3;
BOP = BullReward - BearReward;
Period1 = 34;
SmoothBOP = EMA(BOP, Period1);
Period2 = 34;
SmootherBOP = TEMA(SmoothBOP, Period2);
//Plot(BOP, "BOP", colorBlack, 1);
Plot(SmoothBOP, "BOP " + Period1, colorLightBlue, 1);
Plot(SmootherBOP, "", colorRed);
Plot(Ref(SmootherBOP, -2), "", colorBlue);
Plot(0.1, "", colorGreen);
Plot(0, "", colorBlack);
Plot(-0.1, "", colorGreen);
_SECTION_END();0 comments
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