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Published:
2018.07.13 15:47
BOP.mq5 (9.73 KB) view
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BOP (Balance of Power) is an oscillator that allows you to assess the powers of buyers and sellers on the market and identify the trend reversal within a proper time.

It has three configurable parameters:

  • Period Action - short-term price volatility calculation period;
  • Range Price - trend price range;
  • Use last period - whether or not to use the values of the current bar to calculate the trend component.

Calculations:

BOP = (Close - Open[Period Action]) / (Max-Min)

where:

  • Max, Min - the highest and the lowest price values within the Range Price.

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/21258

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