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Balance Of Power by Igor Livshin for Metastock
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The balance of power (BOP) indicator, presented by Igor Livshin 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:
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Indicator / Formula
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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;
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