BalanceOfPower_Histogram - MetaTrader 5 Script - MT4/MT5 Resource

This Balance of Power (BOP) indicator serves as a color histogram of the strength and direction of the current trend. The histogram is colored based on the input parameter values ​​for overbought and oversold levels and the direction of movement of the histogram.

The indicator uses SmoothAlgorithms.mqh library class (copy it to \MQL5\Include). The use of the class "Average price series for intermediate calculations without using additional buffers" is described in detail in the article.

The indicator was originally written in MQL5 and first published in the code base on February 7, 2013.

Figure 1. BalanceOfPower_Histogram indicator

Attachment download

📎 BalanceOfPower_Histogram.mq5 (8.89 KB)

📎 SmoothAlgorithms.mqh (130.2 KB)

Source: MQL5 #16107