mirror of
https://github.com/mihakralj/QuanTAlib.git
synced 2026-07-27 17:27:43 +00:00
Miha Kralj
45 lines
1.4 KiB
Plaintext
45 lines
1.4 KiB
Plaintext
// Licensed under the Apache License, Version 2.0
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// © mihakralj
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//@version=6
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indicator("Balance of Power (BOP)", "BOP", overlay=false)
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//@function Calculates Balance of Power with optional smoothing
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//@param length Smoothing period (0 for no smoothing)
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//@returns BOP value measuring buying/selling pressure
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bop(simple int length) =>
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if length < 0
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runtime.error("Length must be non-negative")
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float rawBop = high == low ? 0.0 : (close - open) / (high - low)
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if length == 0
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rawBop
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else
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float alpha = 2.0 / (length + 1.0)
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var float smoothBop = na
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var float e = 1.0
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var bool warmupComplete = false
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var float result = na
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if na(smoothBop)
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smoothBop := rawBop, result := rawBop
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else
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smoothBop := alpha * (rawBop - smoothBop) + smoothBop
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if not warmupComplete
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e *= (1.0 - alpha)
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float c = e > 1e-10 ? 1.0 / (1.0 - e) : 1.0
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result := smoothBop * c
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if e <= 1e-10
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warmupComplete := true
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else
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result := smoothBop
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result
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// ---------- Main loop ----------
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// Inputs
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i_smooth = input.int(14, "Smoothing Length", minval=0, tooltip="0 for no smoothing")
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// Calculation
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bop_value = bop(i_smooth)
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// Plot
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plot(bop_value, "BOP", color=color.yellow, linewidth=2)
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