OPEN-SOURCE SCRIPT
Balance of Power Strategy
Updated
A simple variation on the balance of power idea, using a weighted moving average and a basic lookback to attempt to predict the motion in the next tick.
As far as a trading pattern goes, it's performance is rather conservative, and it is rather noisy as it doesn't do a good job of preventing quick, meaningless trades.
As far as a trading pattern goes, it's performance is rather conservative, and it is rather noisy as it doesn't do a good job of preventing quick, meaningless trades.
Release Notes
Added some weighting in momentumOpen-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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