Credits go to LazyBear for some coding on the plotting and Igor Livshin for the formula.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
// author : SatNam // credits to LazyBear and Igor Livshin study(title="SN-BOP") length=input(14) lengthSMA=input(50) PlotEMA=input(true, "Plot SMA?", type=bool) THL = (high-low) ? .00001 : (high-low) BuRBoO = (high - open)/(THL) BeRBoO = (open - low)/(THL) BuRBoC =(close - low)/(THL) BeRBoC =(high - close)/(THL) BuRBoOC = close > 0 ? (close-open)/(THL) : 0 BeRBoOC = close > 0 ? 0 : (open -close)/(THL) BOP = ((BuRBoO+BuRBoC+BuRBoOC)/3) - ((BeRBoO+BeRBoC+BeRBoOC)/3) vwBOP = vwma(BOP, length) barcolor = vwBOP >= 40000 ? green : vwBOP <= -40000 ? red: gray hline(0) plot(vwBOP, style=columns, color = barcolor) plot(PlotEMA?ema(BOP, lengthSMA):na, color=navy, linewidth=2)