Balance of Power

The Balance of Power (BOP) indicator measures the strength of the bulls vs. the bears by assessing the ability of each to push price to an extreme level. BOP was developed not to be a range-bound indicator, so it is as sensitive at extreme points as it is at other levels.

Every day, bulls and bears compete with each other in the marketplace. The idea behind the BOP calculation is to assign a score for both bulls and bears based on their daily performance related to price movement.

Syntax:

BalanceOfPower
BalanceOfPower()
BalanceOfPower(“Method”)
BalanceOfPower(“Period”,”Method”)
BalanceOfPower(“OutPutStartCell”,”Period”,”Method”)

Inputs:

'Open', 'High', 'Low', and 'Close' columns values

Parameters:

• Period (default=14)
• Method (default=MvAvg)
• OutPutStartCell (default=the next blank column in the worksheet)

Examples:

BalanceOfPower
BalanceOfPower()
BalanceOfPower(“MvAvg”)
BalanceOfPower(MvAvg)
BalanceOfPower(“LinWgtMvAvg”)
BalanceOfPower(LinWgtMvAvg)
BalanceOfPower(“ExpMvAvg”)
BalanceOfPower(ExpMvAvg)
BalanceOfPower(“14”,“MvAvg”)
BalanceOfPower(14,MvAvg)
BalanceOfPower(“14”, “LinWgtMvAvg”)
BalanceOfPower(14,LinWgtMvAvg)
BalanceOfPower(“14”,“ExpMvAvg”)
BalanceOfPower(14,ExpMvAvg)
BalanceOfPower(“G2”, “14”,“MvAvg”)
BalanceOfPower(G2,14,MvAvg)
BalanceOfPower(“G2”, “14”, “LinWgtMvAvg”)
BalanceOfPower(G2,14,LinWgtMvAvg)
BalanceOfPower(“G2”, “14”,“ExpMvAvg”)
BalanceOfPower(G2,14,ExpMvAvg)