Traders' Tips from TASC Magazine |
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Balance of Market Power
For interpretation refer to the August 2000 issue of Technical Analysis of STOCKS & COMMODITIES magazine.
var
THL:=0;
BuRBoO:=0;
BeRBoO:=0;
BuRBoC:=0;
BeRBoC:=0;
BuRBoOC:=0;
BeRBoOC:=0;
BMP:=0;
end_var
if H - L = 0 then
THL:=0.00001;
else
THL:=H - L;
BuRBoO:=(H - O) / (THL);
BeRBoO:=(O - L) / (THL);
BuRBoC:=(C - L) / (THL);
BeRBoC:=(H - C) / (THL);
if C > O then
begin
BuRBoOC:=(C - O) / (THL);
BeRBoOC:=0;
end;
else
begin
BuRBoOC:=0;
BeRBoOC:=(O - C) / (THL);
end;
BMP:=(BuRBoO + BuRBoC + BuRBoOC) / 3 - (BeRBoO + BeRBoC + BeRBoOC) / 3;
return BMP;
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