Balance of Power

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:

Image 25983


The indicator has the following parameters:

Image 25984

Settings

Period - sets the indicator period.

Drawing

Visualization

Panel - selection of the indicator location in the chart:

  • New panel
  • Chart

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.

Color

Visual type - visual setting of the indicator display in the chart:

  • Line
  • Histogram
  • Hash
  • Block
  • Cross
  • Square
  • Dots
  • Up arrow
  • Down arrow
  • Axis label
  • Hide

Line style - setting of the line display style:

  • Dot
  • Solid
  • Dash
  • Dash - dot
  • Dash - dot - dot

Width - setting of the indicator line width.

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