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2016.02.17 12:21
BSI

BSI - indicator for MetaTrader 5

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1700
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votes: 14
bsi.mq5 (12.15 KB)view

Real author:

fxborg

Description:

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.

Image:

Figure 1. The BSI indicator

Figure 1. The BSI indicator

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

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