Bob, I see where cthruu has answered the question on BOP. He saved me from typing a lengthy response and I am grateful. <g> I wouldn't have known where to get a copy and paste it.
Keep in mind that BOP is not a trigger indicator. It measures the quality of price movement. For example, we see many people who try to buy dips. If I see we have green BOP readings, that means there is still underlying buying as the price dips to levels of support. It means the odds of support holding are good and that the price should bounce at that point.
However, if I see red BOP readings as the price drops to support, then the odds are greater that new lows will ensue.
This type of indicator can't be measured on Stockcharts and it's an indicator that can be very valuable when it comes to measuring the quality of price movement.
Let me provide an example.
At the end of July, TNH had a huge gap up in price on strong volume. On the first day of that gap, BOP turned green. Then during August, the price started to correct. We saw a huge gap down in price on heavy volume.
Stockcharts can't measure the quality of that price movement. It can show that the CMF went negative and the Acc/Dist indicator showed distribution, leading one to conclude that we would see lower prices.
stockcharts.com[h,a]daclyiay[d20040431,20040822][pb50!b200!f][vc60][iut!Lc20!Lf]&pref=G
However, during that entire correction, my software was showing a green BOP. It meant that there was still underlying buying while the price was going down. It meant that support levels should have held.
The up-to-date chart will show that it did.
stockcharts.com[h,a]daclyiay[pb50!c20!f][vc60][iut!Lc20!Lf]&pref=G
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