Dsl - Balance of Market Power
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup 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.
Description & Settings
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.
