LazyBear

Indicator: Balance Of Power

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**** Code updated. Make sure you pick up the latest version posted (not the code in the published chart) ******

An oscillator that represents the battle between the bulls and the bears in the market.

BOP supports spotting 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.

More info @ http://www.fxtimes.com/glossary/balance-of-power-bop/




Updated the code to match ThinkOrSwim platform's indicator (request from user @mika2k1). v2 code here: http://pastebin.com/9UEDCf86

This allows you to plot only the EMA (instead of actual BOP). Sample image posted in the comments below.
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//
// @author LazyBear
//
// Balance Of Power - BOP
//
study(title = "Balance of Power [LazyBear]",shorttitle="BOP_LB")
PlotEMA=input(true, "Plot SMA?", type=bool)
PlotOuterLine=input(false, "Plot Outer line?", type=bool )
length=input(14, title="MA length")
BOP=(close - open) / (high - low)
b_color=(BOP>=0 ? (BOP>=BOP[1] ? green : orange) : (BOP>=BOP[1] ? orange : red))
hline(0)
plot(BOP, color=b_color, style=columns, linewidth=3)
plot(PlotOuterLine?BOP:na, color=gray, style=line, linewidth=2)
plot(PlotEMA?sma(BOP, length):na, color=navy, linewidth=2)
v2 sample on AAPL H4.
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