Dsl - Balance of Market Power - MetaTrader 5 Script | Forex Indicator Download - 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.
But the "original" BoMP is almost unusable in transactions. If you set the smoothing period to <=1, you can check an example of such a value - as shown below:
This makes it almost impossible to use for trading decisions. This is the main reason why the indicator's inventors added smoothing of the results in the first place. The defaults used are those proposed by Igor Livshin (Issue 14), but this is often a subject of experimentation. Anyway, the smoothed value is much better for trading decisions and combined with DSL (Discontinued Signal Line) it can be used in both trending and scalping patterns.
Attachment download
📎 dsl_-_balance_of_market_power.mq5 (17.76 KB)
Source: MQL5 #20073
Dsl - Balance of Market Power - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resource Usage and Screening Suggestions
Dsl - Balance of Market Power - MetaTrader 5 Script | Foreign Exchange Indicator Download - MT4/MT5 resources are foreign exchange indicator related resources. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based only on titles or short-term profit descriptions.
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