Aarika Balance of Power Trend (ABOPC)
Hello traders, this is Balance of Power. We have modified some levels to easily identify the trend of the symbol. This will work on any symbol and on any timeframe!
How to trade based on ABOPC:
1) When BOP is above 0.00 line it indicates a Bull trend and below 0.00 level means a bearish trend may come in action.
2) If BOP line is at 0.10 level, it means there is a 50% chance of reversal
3) If BOP line is 0.20 level, it suggests 90% chance of reversal or sideways market.
We highly recommend not to trade solely based on this indicator, rather use this as a supportive or double confirmation indicator for study purpose.
Thanks.
Disclaimer: This indicator was not created by us but we only modified it for study purpose.
How to trade based on ABOPC:
1) When BOP is above 0.00 line it indicates a Bull trend and below 0.00 level means a bearish trend may come in action.
2) If BOP line is at 0.10 level, it means there is a 50% chance of reversal
3) If BOP line is 0.20 level, it suggests 90% chance of reversal or sideways market.
We highly recommend not to trade solely based on this indicator, rather use this as a supportive or double confirmation indicator for study purpose.
Thanks.
Disclaimer: This indicator was not created by us but we only modified it for study purpose.
Sürüm Notları:
Hello everyone. This is an updated version of current indicator. It gives us idea of short term (herewith denoted as minor) and long term (major) trend via lines and bars. This is a basically combination of two different version brought together and updated to v5.
How to read minor trend: If BOP (default Maroon colour) is above SmootherBOP (default Blue colour) then it can be a short term LONG position and vice-versa.
How to read minor trend: if the bars are in Green colour, it is believed to be a bullish trend, and Red bars can be considered as bearish trend.
You're advised not to take trades on the basis of this indicator as this indicator is created for study purpose.
Author will not be responsible for any of your financial losses if you do trade on this indicator basis!
Hope you all will enjoy this version of ABOPC!
How to read minor trend: If BOP (default Maroon colour) is above SmootherBOP (default Blue colour) then it can be a short term LONG position and vice-versa.
How to read minor trend: if the bars are in Green colour, it is believed to be a bullish trend, and Red bars can be considered as bearish trend.
You're advised not to take trades on the basis of this indicator as this indicator is created for study purpose.
Author will not be responsible for any of your financial losses if you do trade on this indicator basis!
Hope you all will enjoy this version of ABOPC!
Sürüm Notları:
Hello everyone,
This latest and modified version gives trader a comfort to see the clear Bull or Bear trend with high accuracy.
Green (Bull zone)/Red (Bear zone) mountains appear according to the trend of the script.
Green and Red bars indicates if the Bull or Bear is stronger or not!!! (extra confirmation)
How to identify the trend:
1) If the Green mountain is above value 2 and Red mountain is above -2 then it can be a bull trend and vice-versa. If Green/Red Bars appear in the same time, then we may assume that the trend is very strong.
2)If the Green mountain is above 2 and Red mountain is below -2 (means if you see both mountains rising in opposite directions), it will be most likely a range bound scenario.
3) BOP trend lines have the same functions as earlier version i.e. BOP above Zero line can be a Bull trend and below Zero line can be a Bear zone, whereas crossovers can act as a trend reversal.
Thank you.
This latest and modified version gives trader a comfort to see the clear Bull or Bear trend with high accuracy.
Green (Bull zone)/Red (Bear zone) mountains appear according to the trend of the script.
Green and Red bars indicates if the Bull or Bear is stronger or not!!! (extra confirmation)
How to identify the trend:
1) If the Green mountain is above value 2 and Red mountain is above -2 then it can be a bull trend and vice-versa. If Green/Red Bars appear in the same time, then we may assume that the trend is very strong.
2)If the Green mountain is above 2 and Red mountain is below -2 (means if you see both mountains rising in opposite directions), it will be most likely a range bound scenario.
3) BOP trend lines have the same functions as earlier version i.e. BOP above Zero line can be a Bull trend and below Zero line can be a Bear zone, whereas crossovers can act as a trend reversal.
Thank you.