balance of power
Info
The balance of power is a Indicator for MetaTrader 5 that this indicator visually shows who is in control of the market:buyers (bulls), when the close is close to the high; sellers (bears), when the close is close to the low. the basis of the calculation is:bop = (close - open) / (high - low) bop > 0- buyer dominance bop < 0- seller dominance bop ≈ 0- balance or indecision extreme zones (e.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use balance of power
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
this indicator visually shows who is in control of the market:buyers (bulls), when the close is close to the high; sellers (bears), when the close is close to the low.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: FVG Imbalance Marker Helper - another powerful indicator for MetaTrader 5 traders.
this indicator visually shows
who is in control of the market
:
buyers (bulls)
Also recommended: gold fvg finder: identifying and trading market imbalances - similar indicator with strong performance on MetaTrader 5.
, when the close is close to the high;sellers (bears)
, when the close is close to the low.
the basis of the calculation is:
bop = (close - open) / (high - low)
bop > 0
- buyer dominance
bop < 0
- seller dominance
bop ≈ 0
- balance or indecision
extreme zones (e.g. ±0.2)
- can indicate situations of exaggerated strength that tend towards correction
You may also like: rsi divergence and higher timeframe (htf) power of 3 (po3) indicator - excellent alternative for indicator users on MetaTrader 5.
Source Code
яю//+------------------------------------------------------------------+
#include <MovingAverages.mqh>
#property copyright "RobotFX"
#property link "https://robotfx.org"
#property version "1.00"
#property indicator_separate_window
#property indicator_buffers 3
#property indicator_plots 1
#property indicator_label1 "BOP"
#property indicator_type1 DRAW_COLOR_HISTOGRAM.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.