Implements the Balance of Power (BOP) indicator, created by Igor Livshin; which captures the struggle between the Bulls and Bears throughout a trading period.
The double value of the Balance of Power indicator for the trading period under consideration.
The BOP indicator for each trading period lies within the range [-1,1].
When the BOP indicator is towards the high if its range it will signifies that the
Bulls are in control, conversely when the indicator is towards the lows of its range
it signifies that the bear are in control. If the indicator move from a high positive
range to a lower positive range it signifies that the buying pressure is decreasing.
Conversely, if the indicator move from a low negative range to a higher negative range
it signifies that the selling pressure is decreasing.
The BOP indicator is evaluated by the following formulae:BOP = (Close - Open)/(High - Low),
where Close is the periods closing price, Open is the periods opening
price, High is the highest traded price during the period and Low
is the lowest traded price during the period.
MarketStrength Class | Indicators Namespace | BalanceOfPowerOverPeriod - a generalization of this indicator which calculates the values of the Balance Of Power indicator over specified period.