Type: Oscillator

Introduction:
The BOP was described for the first time by Igor Livshin in August, 2001 issue of the "stocks and commodities magazines" page 18. The BOP gives the strength of the bulls towards of the bears. The BOP oscillates between 100 and -100.

Formula / calculation:

The calculation of the BOP occurs after the following formula:

BOP = (Close-Open) / (High-Low)

Interpretation:

• A direction change of the BOP is valid as a warning signal and causes often a price change.
       

Default setting: 14 days