How to Add MT5 Balance of Power Indicator on MT5 Charts
Step 1: Open MetaTrader 5 Navigator Panel
Open MetaTrader 5 Navigator panel as explained on the MT5 example below: Go to 'View' menu (click), then select the 'Navigator' window (click), or From Standard Tool Bar click 'Navigator' button or press keyboard MT5 short cut keys 'Ctrl+N'
On MT5 Navigator window, choose "Indicators", by DoubleClick
How Do I Use MT5 BOP Indicator in MT5?
How to Add Balance of Power MetaTrader 5 Indicator
Expand the menu by clicking the expand button (+) or double click the 'indicators' menu, after this the button will be displayed as (-) and will now display MT5 indicators list as explained on the MT5 example below - select the Balance of Power technical indicator from this list of MT5 indicators so that you can add the Balance of Power MT5 indicator in the MT5 chart.
How Do You Use MT5 BOP Indicator on MetaTrader 5?
How to Place Custom Balance of Power Indicator in MetaTrader 5
If the MT5 indicator that you want to add on the MT5 charts is a custom MT5 indicator - for example if the Balance of Power technical indicator that you want to add is a custom MT5 indicator you will need to first add this custom Balance of Power MT5 indicator in the MT5 platform & then compile custom Balance of Power technical indicator so that the newly added Balance of Power MT5 custom indicator pops up on the list of custom indicators in the MetaTrader 5 platform.
To learn how to add Balance of Power indicators on MT5 software - how do you add Balance of Power indicator window to MT5 software? - how do you add Balance of Power custom indicator on MT5 software? - How to add custom Balance of Power custom indicator on MT5.
How Do You Use Balance of Power MetaTrader 5 Indicator?
BOP Indicator Analysis Buy and Sell Signals
Developed by Igor Livshin
BOP measures the strength of the bulls versus the bears by assessing ability of each to push price to extreme zones.
How to Add MetaTrader 5 Balance of Power Indicator on MT5 Charts
How to Generate Buy & Sell Signals
When using ##Balance--of--PowerBOP indicator, the zero centerline line crossovers are used to generate trading trade 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 trading trade signals.
Buy Signal - The ++Balance--of--PowerBOP scale is marked from Zero to +100 for bullish price movements
Sell Signal - The ##Balance--of--PowerBOP scale is marked from Zero to -100 for bearish price movements
How to Generate Buy & Sell Signals
Forex Buy Signal
When the ##Balance--of--PowerBOP crosses above zero a buy signal is generated.
Also when Balance of Power is rising & 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 - BOP 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 fake out.
FX Sell Signal
When the ##Balance--of--PowerBOP crosses below zero center line mark - a sell signal is generated.
Also when Balance of Power is declining- the trend is in a downward trend - some traders use this as a sell signal but it is best to wait for a confirmation signal by BOP moving below zero mark because this will be a sell signal in bullish territory & this type of signal is more likely to be a whipsaw.
How Do You Use MT5 BOP Indicator on MT5?
Divergence Signals
In trading forex, divergences between the BOP indicator and price can be used to effectively spotting potential reversal and/or trend continuation signal. There are several types of ++Balance--of--PowerBOP divergences:
Classic Divergence Setup
Hidden Trade Divergence Setup
Trading Overbought Oversold Levels
BOP can be used to identify potentially overbought & oversold levels in price movement.
- Overbought and Oversold levels can be used to provide an early signal for potential trend reversals.
- These overbought oversold levels are generated when the ++Balance--of--PowerBOP clusters its tops & bottoms thus setting up the overbought & oversold levels around those values.
However, price might also stay at these overbought & oversold levels & continue moving in that particular trend direction for a while and thus its always good to wait until for ++Balance--of--PowerBOP crossover signals using zero center line mark.
From the Balance of Power example below, even though the Balance of Power showed the price was oversold - price continued moving in a downward trend until the Balance of Power crossed over to above Zero center line mark.
How Do I Use MT5 BOP Indicator in MetaTrader 5?
How Do I Use MT5 BOP Indicator in MT5?
