Bear Power Indicator by HPotter

To get more information please see "Bull And Bear Balance Indicator"
by Vadim Gimelfarb.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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////////////////////////////////////////////////////////////
//  Copyright by HPotter v1.0 14/04/2014
//  Bear Power Indicator
//  To get more information please see "Bull And Bear Balance Indicator" 
//  by Vadim Gimelfarb. 
////////////////////////////////////////////////////////////

study(title = "Bear Power Indicator")
value = iff (close < open , //then 
            iff (close[1] > open ,  max(close - open, high - low), high - low), // else
            iff (close > open, //then
                iff(close[1] > open, max(close[1] - low, high - close), max(open - low, high - close)), //else
                iff(high - close > close - low, //then
                    iff (close[1] > open, max(close[1] - open, high - low), high - low), //else
                    iff (high - close < close - low, //then
                        iff(close > open, max(close - low, high - close),open - low), //else
                        iff (close > open, max(close[1] - open, high - close),//else
                            iff(close[1] < open, max(open - low, high - close), high - low))))))

plot(value, style=line, linewidth=2, color=red)