Balance of Power - MetaTrader 5 Script - MQL5 #20042 - MT4/MT5 Resources
The “balance of power” proposed by Igor Livshin attempts to measure the strength of buyers versus sellers by assessing the ability of each party to push prices to extreme levels. Livshin published this indicator in the August 2001 issue of Stocks & Commodities Magazine. This version of the indicator calculates the balance of payments exactly as described in the published article.
You can choose to use any moving average type to smooth the resulting raw BOP values.
The balance of payments fluctuates between -1 and +1.
Livshin issued the following statement:
Attachment download
📎 balance_of_market_power.mq5 (16.37 KB)
Source: MQL5 #20042
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