Volume weighted Balance of Power
It's a simple indication.
I multiplied the output of bop with volume, make it more smoother.
I multiplied the output of bop with volume, make it more smoother.
study(title="Balance of Power") length=input(defval=14,minval=1,type=integer) siglen=input(defval=9,minval=1,type=integer) vw=input(type=bool,defval=true,title="Volume Weighted") bp=vw==true ? (close - open) / (high - low)*volume : (close - open) / (high - low) bop=sma(bp,length) sig=sma(bop,siglen) plot(bop) plot(sig,color=green) hline(0)