DeskIndicators
Balance of Power
Where the close finished inside the bar, smoothed over the lookback.
Balance of Power shows where the close finished relative to the open, inside the bar’s high-low range. It is its own pane. 1 means the close is at the high and the open at the low; −1 is the reverse. 0 is a close that matches the open, or a bar with no range.
Default length is 14, a smoothing of those bar values. Length 1 is the unsmoothed bar. A dashed line sits at 0.
Above zero closes have been finishing above their opens. Crossing zero is a common read, not a signal by itself.
Settings: gear on the pane bar — see Indicators.