To implement the Balance of Power indicator in NeuroShell Trader, you should first create all the component indicators. Select ‘New Indicator …’ from the ‘Insert’ menu to create each of the following indicators using the Indicator Wizard:
BullsRewardBasedOnOpen:
Divide ( Sub(High,Open), Sub(High,Low) )
BearsRewardBasedOnOpen:
Divide ( Sub(Open,Low), Sub(High,Low) )
BullsRewardBasedOnClose:
Divide ( Sub(Close,Low), Sub(High,Low) )
BearsRewardBasedOnClose:
Divide ( Sub(High,Close), Sub(High,Low) )
BullsRewardBasedOnOpenClose:
If ( A>B(Close,Open), Divide(Sub(Close,Open), Sub(High,Low)), 0 )
BearsRewardBasedOnOpenClose:
If ( A>B(Close,Open), 0, Divide(Sub(Open,Close), Sub(High,Low)) )
BullsRewardDaily:
Average3 ( BullsRewardBasedOnOpen, BullsRewardBasedOnClose, BullsRewardBasedOnOpenClose )
BearsRewardDaily:
Average3 ( BearsRewardBasedOnOpen, BearsRewardBasedOnClose, BearsRewardBasedOnOpenClose )
The final step is to create the Balance of Power indicator. Select ‘New Indicator …’ from the ‘Insert’ menu to create the following indicator using the Indicator Wizard:
BalanceOfPower:
Subtract ( BullsRewardDaily, BearsRewardDaily )
File Download