Balance of Market Power

[Alexander.Gettinger]

The Balance of Market Power indicator, presented by Igor Livshin in his article "Balance of Market Power".

Formulas:
BMP = (BuO+BuC+BuOC)/3-(BeO+BeC+BeOC)/3,
Signal = MVA(BMP) with [Length] number of periods, where
BuO = (High-Low)/THL,
BeO = (Open-Low)/THL,
BuC = (Close-Low)/THL,
BeC = (High-Close)/THL,
BuOC = (Close-Open)/THL, if Close>Open, else BuOC = 0,
BeOC = (Open-Close)/THL, if Close<Open, else BeOC = 0,
THL = High-Low.

Download:

BMP_JS.jsl

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