balance of power
Info
The balance of power is a Indicator for MetaTrader 5 that the resulting raw bop values can be optionally smoothed using any moving average type. the bop oscillates between extremes of -1 and +1.
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
the resulting raw bop values can be optionally smoothed using any moving average type.
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.
the resulting raw bop values can be optionally smoothed using any moving average type.
Also recommended: gold fvg finder: identifying and trading market imbalances - similar indicator with strong performance on MetaTrader 5.
the bop oscillates between extremes of -1 and +1.livshin makes the following statements:
for daily charts, a 14-period moving average is recommended, though the number of periods varies depending on the nature of the market and the time frame.
one of the most important properties of bop is the level at which it clusters its tops and bottoms. during bull markets, its tops often reach the upper limit and never reach the bottom level. during bear markets, the picture is reversed.
bop supports price divergence, trends, and overbought-oversold levels.
a change in the bop trend serves as a warning signal and should be confirmed by a change in the price direction.
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
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⚠ 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.