Momentum

Balance of Power

BOP

Divides the open-to-close move by the high-to-low range, producing a −1 to +1 reading. A value near +1 means buyers pushed price from open to high-end of range; near −1 means sellers dominated. Doji candles (equal high and low) return 0.

Tips

Smooth BOP with a short EMA before using it; the raw signal is noisy on individual bars

Persistent negative BOP during a price uptrend is bearish divergence—sellers are quietly gaining despite rising prices