Balance of Power is an oscillator, which shows possibilities of «bulls» and «bears» to reach new maximum price values in the market.
The indicator values oscillate between levels of -1 and +1. For each single period they are calculated according to the following formula: (Close — Open) / (High — Low).
How the indicator looks like in the chart:
The indicator has the following parameters:
Period - sets the indicator period.
Panel - selection of the indicator location in the chart:
- New panel
Show value - shows the indicator value on the price scale.
Show zero values - shows zero values.
Scale - if this option is ON, the scale will be calculated automatically based on the minimum and maximum indicator values, so that the indicator would be accommodated in the chart.
Visual type - visual setting of the indicator display in the chart:
- Up arrow
- Down arrow
- Axis label
Line style - setting of the line display style:
- Dash - dot
- Dash - dot - dot
Width - setting of the indicator line width.
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