An indicator to give you an idea of who is in charge of the market; the bulls or the bears. This indicator is also know as the Bear-Power and Bull-Power indicator - depending on how it's being used.
The Elder-Ray is one of the studies that comes with the
The Elder-Ray study has a true/false setting called Bull Power . Change this to false to get the Bear Power reading for the symbol that you are looking at. Load the Elder-Ray twice and set one of the Bull Power settings to false to get a Bull and Bear Power study on the same chart as in the example below with the 5 minute e-mini S&P chart.
- The name of the indicator changes when you change from/to bull or bear power so you can easily see which indicator you are using.
- Change the color of the bars to see which indicator is which.
- Load it as many times as you want on one chart and change the settings for each indicator to which works best for the symbol that you are trading.
Configuration and Options
To configure the study please right click on an advanced chart that has the study loaded and from the menu select Edit Studies... and in the subsequent dialog box select the appropriate study from the drop down list in the top left hand corner next to the label Study:
|MA length||Number of bars in the calculation of the Moving Average (MA). Default is 13.|
|MA Type||Type of moving average to use. Default is Exponential Moving Average (EMA) but this can be changed to a Simple (SMA) or Weighted (WMA) Moving Average.|
|Source||Which part of the price bar to use in the calculations. The default is set to Close but it can be any one of close, open, high, low or an average of a combination of these.|
|Line Thickness||Thickness of line/bar. Default is 1.|
|Line Color||Color of line/bar. Default is blue.|
|Bull Power||If set to true (default) then the indicator will measure the bull power. If set to false it will measure the bear power.|
Support is always available for the indicators. We suggest that you post your support question in the MyPivots Support Forum for quickest response.
Other indicators in this Pack/Series: