logo
Welcome Guest! To enable all features please Login or Register.

Notification

Icon
Error

Options
Go to last post Go to first unread
KTP2  
#1 Posted : Wednesday, November 12, 2008 4:27:05 PM(UTC)
KTP2

Rank: Advanced Member

Groups: Registered, Registered Users, Subscribers
Joined: 2/2/2007(UTC)
Posts: 367

Was thanked: 1 time(s) in 1 post(s)

The Balance of Market Power indicator, presented by Igor Livshin in his article "Balance of Market Power", can be created in MetaStock 6.52 or higher.

To create the BMP, in MetaStock, select the Indicator Builder from the Tools menu. Then click New and enter the formula as listed below:

BMP

THL:=If(H-L=0,.00001,H-L);
{Reward Based on the Open}
BuRBoO:=(H-O)/(THL);
BeRBoO:=(O-L)/(THL);
{Reward Based on the Close}
BuRBoC:=(C-L)/(THL);
BeRBoC:=(H-C)/(THL);
{Reward Based on the Open-Close}
BuRBoOC:=If(C>O,(C-O)/(THL),0);
BeRBoOC:=If(C>O,0,(O-C)/(THL));
BMP:=(BuRBoO+BuRBoC+BuRBoOC)/3 - (BeRBoO+BeRBoC+BeRBoOC)/3;
BMP

To plot the moving average, add the following line to the formula.

Mov(BMP,14,S)

Note: You can replace the 14 with your desired number of time periods.

Users browsing this topic
Guest (Hidden)
Forum Jump  
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.