Balance of Power (BOP)

Description

The developer of the Balance of Power indicator was Igor Livshin, who came up with the BOP in August 2001. The BOP indicator represents the strength of the buyers (bulls) vs. the sellers (bears), and oscillates between -100 and 100. The calculation of the BOP = (close - open) / (high - low).

Interpretation

A directional change of the BOP can be interpreted as a warning signal and will generally be followed by a price change.

Usage

BOP(int smooth)
BOP(IDataSeries inSeries, int smooth)
BOP(int smooth)[int barsAgo]
BOP(IDataSeries inSeries, int smooth)[int barsAgo]

Return value

double

When using this method with an index (e.g. BOP(5)[int barsAgo] ), the value of the indicator will be outputted for the referenced bar.

Parameters

inSeries Input data series for the indicator

smooth Settings for the smoothing

Visualization

BOP

Example

//Output of the value for the BOP with a smoothing of 5 periods
Print("The Balance of Power value is: " + BOP(5));