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Balance of Power Strategy

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Smoothed Moving Average (SMMA) Balance Of Power
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smma balanceofpower
A simple variation on the balance of power idea, using a weighted moving average and a basic lookback to attempt to predict the motion in the next tick.

As far as a trading pattern goes, it's performance is rather conservative, and it is rather noisy as it doesn't do a good job of preventing quick, meaningless trades.
Release Notes:
Added some weighting in momentum
Open-source script

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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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