Balance of market power – indicator for MetaTrader 5
As the inventor/developer — Igor Livshin, in his article “Balance of Market Power” — describes it :
the strength of the bulls vs. the bears by assessing the ability of
each to push price to an extreme level. I deliberately developed BMP
not to be a range bound indicator, so it is as sensitive at extreme points as it is at other levels.
He uses simple moving average for smoothing the values. This version uses improved Jurik filter instead. Bands are calculated using something that could be called “Jurik deviation” instead of using standard deviation and that way this becomes much faster in response. Except for smoothing and bands periods there are no other parameters, so it is a rather simple to use indicator (parameters wise) but, as usual, some experimenting is advised.