The indicator is based on readings of two oscillators: Bulls Power and Bears Power. It clearly shows the balance of buyers and sellers power. A signal for entering a deal is crossing the zero line and/or a divergence. When the volume filter is enabled, yellow histogram bar shows low trading volume (below average for 50 previous bars).
- Period - calculation period, 13 on default;
- CalculatedBar - number of bars for displaying a divergence, 300 on default;
- Filter by volume - volume filter, false on default. If it is enabled, then the divergence signals do not appear and a histogram bar is colored in yellow in case the volume is less than the average volume for previous 50 bars. Three modes are available: False, True, Auto. In Auto mode, the filter is automatically enabled on timeframes M30 and lower; and it is disabled on timeframes greater than M30;
- Display divergence alert - enables notifications of divergence, true on default;
- Display cross zero alert - enables notifications of crossing a zero level, true on default;
- Draw indicator trend lines - enables displaying the trend lines of the indicator during divergence, true on default;
- Draw price trend lines - enables displaying the trend lines on the price chart during divergence, true on default;
- Line bull divergence color - select a color for the trend line displayed during bullish divergence, Green on default;
- Line bear divergence color - select a color for the trend line displayed during bearish divergence, Red on default.
The indicator works with any currency pair and timeframe.