The PricePower indicator determines the true value of the relative strength of the buyers and sellers.
It is based on mathematical calculations using volumes, detection of trend and volatility.
Green color (value 1.0) indicates the presence of a large number of buyers.
Orange color (value -1.0) indicates the presence of a large number of sellers.
- PowerPeriod - The number of bars for the indicator calculation.
- Filter - Filter of sensitivity smoothing. (FALSE - filter disabled. The indicator is more sensitive to changes in the market trend. TRUE - filter enabled)
The indicator DOES NOT redraw it values on closed bars. The values can change only on the current (not closed) bar.
The indicator is used in live trading. I use the indicator color to determine the direction of trading. If the color is "Red", then trading is allowed only using SELL, if "Green", then only BUY.
I usually confirm it using: graphical analysis, levels.
The PricePower indicator can supplement any trading system.