Indicator: Balance Of Power

**** Code updated. Make sure you pick up the latest version posted (not the code in the published chart) ******

An oscillator that represents the battle between the bulls and the bears in the market.

BOP supports spotting price divergence, trends, and overbought-oversold levels.A change in the BOP trend serves as a warning signal and should be confirmed by a change in the price direction.

More info @ fxtimes.com/glossary/balance-of-power-bop/


[Update: May 07 2014]

Updated the code to match ThinkOrSwim platform's indicator (request from user mika2k1). v2 code here: pastebin.com/9UEDCf86

This allows you to plot only the EMA (instead of actual BOP). Sample image posted in the comments below.