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Indicators

BSI - indicator for MetaTrader 5

Nikolay Kositsin | English Русский 中文 Español Deutsch 日本語 Português
Views:
7275
Rating:
(16)
Published:
2016.02.17 12:21
Updated:
2016.11.22 07:32
bsi.mq5 (12.15 KB) view
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Real author:

fxborg

Bounce Strength Indicator (BSI) shows the strength of bounce according to the Wyckoff method.

After a move higher, the stock moves into a flat consolidation with a clear support level. Chartists should watch action closely as prices approach support level. A high volume surge off support, also known as a springboard, is the first sign that the bigger uptrend is set to continue and a consolidation breakout is imminent.

How to measure the strength of bounce?

Strength of bounce up from lows:

(close - low ) * ( ceiling - low ) / range spread

Strength of bounce down from highs:

(high - close) * ( high - floor ) / range spread

My measuring method means the following:

  • The greater the rise from lower position, the stronger the buying pressure.
  • The greater the fall from higher position, the stronger the selling pressure.

This idea is simple, but it can become a leading indicator of the range breakout. It will work only within range.

Display:

  • plus histogram — shows the bounce strength up from lows;
  • minus histogram — shows the bounce strength down from highs;
  • middle line — average of difference between plus/minus.

Originally this indicator has been written in MQL4 and was first published in the Code Base on 04.02.2016.

Figure 1. The BSI indicator

Figure 1. The BSI indicator

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/14808

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