This indicator will help you determine the strength of bulls and bears. It's similar to the default Balance Of Market Power in ThinkorSwim but with additional bells and whistles.
- Above the Zero line is bullish
- Below the Zero line is considered bearish
# Balance of Power Trend # Assembled by BenTen at useThinkScript.com # Converted from https://www.tradingview.com/script/XldP1lmA/ declare lower; input EMA = 34; input TEMA = 34; input high_l = 0.1; input low_l = -0.1; def THL = if(high != low, high - low, 0.01); def BullOpen = (high - open) / THL; def BearOpen = (open - low) / THL; def BullClose = (close - low) / THL; def BearClose = (high - close) / THL; def BullOC = if(close > open, (close - open) / THL, 0); def BearOC = if(open > close, (open - close) / THL, 0); def BullReward = (BullOpen + BullClose + BullOC) / 3; def BearReward = (BearOpen + BearClose + BearOC) / 3; def BOP = BullReward - BearReward; def SmoothBOP = expAverage(BOP, EMA); def xPrice = SmoothBOP; def xEMA1 = expAverage(SmoothBOP, TEMA); def xEMA2 = expAverage(xEMA1, TEMA); def xEMA3 = expAverage(xEMA2, TEMA); def nRes = 3 * xEMA1 - 3 * xEMA2 + xEMA3; def SmootherBOP = nRes; plot h = high_l; plot l = low_l; plot ZeroLine = 0; plot s1 = SmoothBOP; plot s2 = SmootherBOP; plot s3 = SmootherBOP; ZeroLine.SetDefaultColor(GetColor(3)); h.SetDefaultColor(GetColor(3)); l.SetDefaultColor(GetColor(3));