Bulls Power-indicator for MetaTrader 4

Bulls Power-indicator for MetaTrader 4
The elder-rays indicator is a combination of the properties of the trend indicators and oscillators.

Elder rays use the exponential moving average as an indicator (the 13-period EMA is usually the best).

The oscillators reflect the bullish and bearish strength. To build the rays of Elder are used three diagrams: In one is constructed the price graph and EMA, in the other two the force oscillator of the Bulls (bullish force, bulls power) and oscillator force of the Bears (bearish force, bears power).
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The Elder rays indicator is applied both separately and in conjunction with other methods. If applied separately, it should be considered that the inclination of EMA determines the direction of the trend and must be opened in its direction. The bull and bearish force oscillators are applied to determine the opening or closing signals.


It is recommended to buy if:


It has a bullish tendency (it is determined by EMA's direction);


The Bear Force oscillator (bearish force, bears power) is negative but its value is in increment;
The last peak of the bull-force oscillator (bullish power) is located above the previous one;


The oscillator strength of the bears grows after a bullish divergence;
When you have positive values of the bear oscillator force, it is advisable not to make purchases.


It is recommended to sell if:


It has a bearish tendency (it is determined by EMA's direction);
The force oscillator of the Bulls is positive, but it is gradually decreasing;
The last minimum of the oscillating force of the Bulls is located below the previous one;
The force oscillator of the Bulls is decreasing after the bearish divergence;
It is advisable not to open short positions (sale) If the Bulls Power oscillator is negative.


The divergence between Bulls power and Bears power oscillators and prices is the best time to perform operations.


Formula and values
Bulls = HIGH-EMA


BEARS = LOW-EMA
Here:


Bulls — Bullish strength;
BEARS — bearish force;
HIGH — Maximum price of the current bar;
Low — minimum price of the current bar;
EMA — exponential moving average.
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