There are many different classifications of exits other than your initial stop loss. These include exits that produce a loss but reduce your initial risk, exits that maximize profits, and exits that keep you from giving back too much money, and psychological exits.
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Balance Of Power (BOP)

Formula for: TradeStation

indicator

Views: 3097

Added: January 24, 2007

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Tags: TradeStation, indicator

Igor Livshin's balance of power (BOP) indicator, described elsewhere in this issue, can be considerably simplified for efficient implementation. If you do the math, you'll find that the raw BOP is actually equivalent to (Close-Open) / (High-Low).

The indicator includes the default value of 14 for the smoothing average, and this can be edited at the time the indicator is applied to a chart.

--Ramesh Dhingra, Product Manager, EasyLanguage

TradeStation Technologies, Inc.
(formerly Omega Research, Inc.)

A wholly owned subsidiary of TradeStation Group, Inc.
http://www.TradeStation.com

Code:

Type : Indicator, Name : Balance Of Power

inputs: Length(14);
variables: BOP(0);
BOP = ( Close - Open ) / ( High - Low );
Plot1( Average( BOP, Length ) ) ;

Code to difficult? Find somebody to help you with coding here.

Author: Igor Livshin
Source: http://www.traders.com

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