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The Balance of Power indicator measures the market strength of buyers against sellers by assessing the ability of each side to drive prices to an extreme level. The calculation is: Balance of Power = (Close price – Open price) / (High price – Low price) The resulting value can be smoothed by a moving average.
Traders may use this indicator to help:
To apply a Balance of Power Indicator
Once the study is defined, you can elect to uncheck/check to remove and add the study to your chart.