PROTECTED SOURCE SCRIPT
Elledge Balance of Power
Aktualisiert
This indicator estimates how much of the volume are buyers vs sellers by looking at the upper candle wick size, the lower candle wick size, and the candle body size to determine a total distance that the price has moved during the given candle. It then assigns a percentage to buyers vs sellers based on the candle being red or green and the size of the wicks. This script currently estimates the buyers vs. sellers at a 1 to 1 ratio. In real life, price typically moves more one selling than it does on buying...but the script can give you an idea of the volume balance between buyers and sellers.
The histogram is smoothed using a short period moving average. The blue line represents the un-smoothed value of the balance of power calculation.
The histogram is smoothed using a short period moving average. The blue line represents the un-smoothed value of the balance of power calculation.
Versionshinweise
* Changed associated script image to comply with community guidelines.
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