BalanceOfMarketPower

Description

The Balance Of Market Power study is calculated as the ratio of the differences between the Close and the Open and between the High and the Low. It can also be smoothed with a moving average of a selected type.

The Balance Of Market Power is an oscillator showing strength of the bulls versus bears measured by the ability of each to push prices to extreme levels. Positive values of the oscillator signify an uptrend, while negative ones signify a downtrend.

Input Parameters

Parameter Description
average type The type of the average used in calculations.
length The number of bars used to calculate the average.

Plots

Plot Description
BMP The Balance Of Market Power study.
ZeroLine Zero level.

Example*

*For illustrative purposes only. Not a recommendation of a specific security or investment strategy.

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