BOP (Balance of Power) is an oscillator that allows you to assess the powers of buyers and sellers on the market and identify the trend reversal within a proper time.
It has three configurable parameters:
Period Action – short-term price volatility calculation period;
Range Price – trend price range;
Use last period – whether or not to use the values of the current bar to calculate the trend component.
Calculations:
BOP = (Close - Open[Period Action]) / (Max-Min)
where:
Max, Min – the highest and the lowest price values within the Range Price.
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