dsl - balance of market power
Info
The dsl - balance of market 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 dsl - balance of market 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: Quantora Trading Session Monitor MT5: Professional Market Session and Activity Analysis - another powerful indicator for MetaTrader 5 traders.
Also recommended: Quantora Market Volatility Monitor MT5 - Professional ATR and Volatility Dashboard - similar indicator with strong performance on MetaTrader 5.
the resulting raw bop values can be optionally smoothed using any moving average type.the bop oscillates between extremes of -1 and +1.
but the "raw" bomp would be almost unusable in trading. example of such a value can be checked if you set the smoothing period to <=1 - like this :
that makes it almost impossible to be used for trading decision. that is the main reason why the inventor of that indicator already at the start added result smoothing. default used is the default proposed by igor livshin (period 14), but that is, as usually, a subject of experimenting too. in any case, smoothed value is much better for trading decisions, and combined with dsl (discontinued signal line) it can be used both for trending and scalping mode.
You may also like: Quantora Market Status Dashboard MT5 - Real-Time Market Analysis - 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.