BuySell Pressure, BSP Indicator

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Dear All,

I've found what they call it BSP indicator, but I didn't found it in MQ4 format till now.

Kindly help me to implement that concept for MT4.

The associated mathematical formula for BSP is as following:

Buy Pressure = Buy Volume / (Buy Volume + Sell Volume)

and

Sell Pressure = Sell Volume / (Buy Volume + Sell Volume )

where;

Current Buy Volume = Last Buy Volume + Current Traded Volume
if Current Traded Price >= Current Ask Price

and

Current Sell Volume = Last Sell Volume + Current Traded Volume
If Current Traded Price <= Current Bid Price

Remark: Trades executed between the bid and ask prices are ignored.

Now, what does it meant by each term and how it can interpreted in MQ4 language?

Thanks for your support and guidance.

 
It can't be done in MT4 as we don't have real volume information . . . . in MT4 volume = tick volume.
 

Do you mean that, MT4 has no capability to filter that tick volume to weather buy or sell?

If yes,

Is it only because of MT4 limitations? or because of the gathered data from the broker?

 
OmegaFX:

Do you mean that, MT4 has no capability to filter that tick volume to weather buy or sell?

If yes,

Is it only because of MT4 limitations? or because of the gathered data from the broker?

You can determine if price went up or down during the last tick so a tick and be classified as an up or down tick if that helps . . . . but really the word volume shouldn't be used IMO . . . it is misleading, it should simply be called tick count.
 
I see, Thanks for your help RaptorUK!
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