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Discrepancy between representation of BOP in weekly and daily charts. Rate this Topic:
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charliegemail
Posted : Thursday, September 20, 2012 9:08:42 AM
Registered User
Joined: 8/14/2011
Posts: 13

About a month ago (Aug 25) I had a chat session with Marcus regarding the display of Bop in weekly and daily charts resulting in his statement that he would refer the problem and have a response emailed to me. To date I have not received that response.

To restate the problem, weekly charts fail to display extensive periods of Green BOP and instead show Red Bop during those periods. Example from our discussion was RAX. Checking the same weekly chart in 2007, the green BOP is displayed.

To demonstrate the problem today I did the following 

Created PCF   max(BOP,15)  -maximum BOP over last 15 periods (weekly)-   and used as condition in scan: value less than -8 (minus 8) weekly. Pulled 327 stocks. Set up weekly and daily templates in both 2007 and 2000 V12 with same time frame in all 4 charts; approximately Nov 2011 to current, in 2007 daily zoom at 3 and weekly zoom at 7 - ver 12 adjusted with slider bar at bottom of charts.

In most instances  ver 12 weekly chart failed to display extensive green BOP when it was evident on daily chart.

In 2007, daily chart was identical to ver 12 but weekly chart did show green BOP which ver 12 failed to do.

Has there been any investigation into this anomoly, or is it known and just something we must live with?

Bruce_L
Posted : Thursday, September 20, 2012 10:05:59 AM


Worden Trainer

Joined: 10/7/2004
Posts: 58,655

There is no way to directly compare the weekly bars in TC2000 version 7 and TC2000 version 12.2 (be it for BOP, price, volume or any other indicator).

The weekly bars in TC2000 version 7 are rolling 5-trading day bars where the most recent bar is exactly 5-trading days long (including the possibly incomplete current trading day).

The weekly bars in TC2000 version 12.2 are calendar based and run from Monday through Friday.

Note that this means volume for all weekly bars in TC2000 version 7 is based on 5-trading days while volume for many of the weekly bars in TC2000 version 12.2 is based on less than 5-trading days.

While you can get the most recent weekly bar to match on a Friday of a week in which there isn't a market holiday (and possibly even go back several bars if they don't have market holidays either), the past weekly bars will never match between TC2000 version 7 and TC2000 version 12.2.

The calculation of Balance of Power (BOP) is proprietary and not publicly available, but it is based entirely on price and volume. Since the open, high, low, close and volume of past weekly bars is different between TC2000 version 7 and TC2000 version 12.2, BOP will be different is well. There is no way to compare weekly BOP directly or to get the weekly BOP values between the two programs to match.



-Bruce
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TC2000 Support Articles
charliegemail
Posted : Thursday, September 20, 2012 10:59:23 AM
Registered User
Joined: 8/14/2011
Posts: 13

It seems the calculation method for TC2000 ver 12 would be the more accurate at end of week but look at INFI - daily is solid positive BOP in the range +60 to +100 since 7/1/2012 but for the same period weekly is all -100 red BOP.

Bruce_L
Posted : Thursday, September 20, 2012 11:15:18 AM


Worden Trainer

Joined: 10/7/2004
Posts: 58,655

Balance of Power (BOP) is calculated using only the available open, high, low, close and volume data for the Time Frame in which it is calculated. Daily and Weekly BOP are not necessarily going to correlate.

BOP uses more than just the current price and volume data in its calculations. Past price and volume data influence the BOP value for the current bar. These past values will not match between the weekly charts in TC2000 version 7 and TC2000 version 12.2 even on the Friday of week in which there isn't a market holiday. Not only won't the start and end date match, but the number of days in each weekly bar won't match.



-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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