How to Add MT4 Balance of Power Indicators in Meta Trader 4 Chart
Step 1: Open MetaTrader 4 Navigator Panel
Open MetaTrader 4 Navigator panel as shown on example below: Go to 'View' menu (click), then choose the 'Navigator' panel (click), or From Standard Tool-Bar click the 'Navigator' button or press keyboard MT4 short-cut keys 'Ctrl+N'
On MT4 Navigator window, choose "Indicators", by Double Clicking
How Do I Use MetaTrader 4 ##Balance--of--PowerBOP Indicator on MetaTrader 4?
How to Add Balance of Power MT4 Indicator
Expand the menu by clicking the expand button marker (+) or double click the 'indicators' menu, after this the button will appear as (-) & will now show a list of MT4 indicators as shown on example below - select the Balance of Power indicator from this list of MT4 indicators so that you can add the Balance of Power MT4 indicator on MetaTrader 4 chart.
How Do You Use MT4 ++Balance--of--PowerBOP Indicator in MT4?
How Install and Add Custom Balance of Power Indicator on MT4?
If the MT4 indicator that you want to add on the MT4 charts is a custom MT4 indicator - for example if the Balance of Power indicator that you want to add is a custom MT4 indicator you will need to first add this custom Balance of Power MT4 indicator on MetaTrader 4 platform & then compile custom Balance of Power indicator so that the newly added Balance of Power MT4 custom indicator pops up on the list of custom technical indicators in Meta Trader 4.
To learn how to add Balance of Power indicators on MT4 - how do you add Balance of Power indicator window to MT4 platform? - how do you add ##Balance--of--PowerBOP custom indicator on MetaTrader 4? - How to add a custom Balance of Power custom indicator in MetaTrader 4.
How Do You Use Balance of Power MT4 Indicator?
Balance of Power Indicator Analysis Buy & Sell Signals
Developed by Igor Livshin
++Balance--of--PowerBOP indicator measures the strength of the bulls versus the bears by assessing ability of each to push price to extreme zones.
How to Add MT4 Balance of Power Indicators in Meta Trader 4 Chart
How to Generate Buy & Sell Signals
When using ++Balance--of--PowerBOP indicator, the zero centerline line crossover are used to generate signals.
The center is marked as the zero line - Balance of Power indicator levels oscillating above or below this center line are used to generate signals.
Buy Signal - The Balance of Power indicator scale is marked from Zero to +100 for bullish price movements
Sell Signal - The Balance of Power indicator scale is marked from Zero to -100 for bearish price movements
How to Generate Buy and Sell Signals
Buy Signal
When the Balance of Power indicator crosses above zero a buy signal is generated.
Also when Balance of Power indicator is rising and moving upwards, the trend is in an upwards trend - some traders use this as a buy signal but it is best to wait for the confirmation signal - Balance of Power indicator moving above the zero mark. As this will be a buy signal in bearish territory and this type of signal is more likely to be a whipsaw fakeout.
Sell Signal
When the Balance of Power indicator crosses below zero center line mark - a sell signal is generated.
Also when Balance of Power indicator is declining- the trend is in a downwards trend - some traders use this as a sell signal but it is best to wait for a confirmation signal by Balance of Power indicator moving below the zero mark because this will be a sell signal in bullish territory and this type of signal is more likely to be a whipsaw.
How Do I Use MetaTrader 4 ##Balance--of--PowerBOP Indicator on MetaTrader 4?
Divergence Signals
In trading, divergences between the Balance of Power indicator and price can be used to effectively spotting potential reversal and/or trend continuation signal. There are several types of Balance of Power indicator divergences:
Classic Trade Divergence Setup
Hidden Divergence
Forex Overbought Oversold Levels
Balance of Power indicator can be used to identify potentially overbought and oversold levels in price movement.
- Overbought & Oversold levels can be used to provide an early signal for potential trend reversals.
- These overbought oversold levels are generated when the Balance of Power indicator clusters its tops and bottoms thus setting up the overbought and oversold levels around those values.
However, price might also stay at these overbought and oversold levels and continue moving in that particular trend direction for a while and thus its always good to wait until for Balance of Power indicator crossover signals using the zero center line mark.
From the Balance of Power indicator example below, though the Balance of Power indicator showed the price was oversold - price continued moving in a downwards trend until the Balance of Power indicator crossed over to above Zero center line mark.
How Do You Use MT4 ++Balance--of--PowerBOP Indicator in MT4?
How Do I Use MetaTrader 4 ##Balance--of--PowerBOP Indicator in MT4?
