Bull and Bear Balance Indicator
For interpretation refer to the October 2003 issue of Technical Analysis of STOCKS & COMMODITIES magazine.
var
r1:=iff(C\1\ < O, Max(O - C\1\, H - L), H - L);
r2:=iff(C\1\ > O, Max(C\1\ - O, H - L), H - L);
bull:=iff(C = O, iff(H - C = C - L, iff(C\1\ > O, Max(H - O, C - L), r1), iff(H - C >C - L, iff(C\1\ < O, Max(H - C\1\, C - L), H - O), r1)), iff(C < O, iff(C\1\ < O, Max(H - C\1\, C - L), Max(H - O, C - L)), r1));
bear:=iff(C = O, iff(H - C = C - L, iff(C\1\ < O, Max(O - L, H - C), r2), iff(H - C > C - L, r2, iff(C\1\ >O, Max(C\1\ - L, H - C), O - L))), iff(C < O, r2, iff(C\1\ > O, Max(C\1\ - L, H - C), Max(O - L, H - C))));
end_var
return Mov(bull - bear, 30, S);
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