Balance of market power trend indicator: balance of market power

Balance of market power indicator for MetaTrader 5 is designed to measure the strength of bulls in comparison to the force bears and estimates of the ability of each of these two groups to push the price to the limit.

The Balance of market power indicator is specially designed by the author so that it is not a range boundary indicator, but is equally sensitive at any point, not only at extremums.

It uses a simple moving average to smooth out the values. This version uses an improved Yurick filter instead. The bands are calculated using what might be called "Yurick's Deviation" instead of the standard deviation. Thus, the response of the indicator becomes faster. Other than smoothing and band period, this indicator has no other parameters, which makes it very easy to use.

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