[blackcat] L3 VWAP BMP Indicator

Level: 3

Background

This indicator is my attempt to combine VWAP and BMP indicators.


Function

The goal is to provide a more timely entry point. I mixed up Igor Livshin's balance of market power (BMP) indicator together with vwap, can be considerably simplified for efficient implementation. If you do the math, you'll find that the raw BMP is actually equivalent to (Close-Open) / (High-Low) which can provide instant market judgement. I also filter try to filter out noise by averaging and fast-slow line to capture the shrot term and mid term status. So, it contains two input parameters to be adjusted to find proper values to adapt to different time frame and trading pairs.

Divergence and alerts are availble as well.


Inputs

FastLength --> VWAP BMP fast line length
SlowLength --> VWAP BMP slow line length

Key Signal

BMPF --> VWAP BMP fast line in yellow color
BMPS --> VWAP BMP slow line in fuchsia color


Remarks

This is a Level 3 free but closed source indicator.

Feedbacks are appreciated.

Notes de version:

Replace alerts with alert() func.