Elder Ray Bear Power

Elder Ray Bear Power was authored by Alexander Elder. Elder Ray Bear Power should be used with Elder Ray Bull Power. The Elder Ray Bear Power is the current low added to the exponential moving average of the midpoint price for a 13 bar period. The user may change the input (midpoint), method (EMA) and period length. This indicator’s definition is further expressed in the condensed code given in the calculation below.

See also Elder Ray Bull Power

Elders Bull Power1

How To Trade Using Elder Ray Bear Power

Elder Ray Bear Power should be used with Elder Ray Bull Power. If the bear troughs below the mid guide and the ma is rising a buy signal is given.

Elders Bull Power2

How To Access in MotiveWave

Go to the top menu, choose Study>Alexander Elder>Elder Ray Bear Power

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//input = price, user defined, default is midpoint
//method = moving average (ma), user defined, default is EMA
//period = user defined, default is 13
//index = current bar number

ma = ma(method, index, period, input);
bull = high - ma;
Plot: bear = low - ma;
prevBull =bull[index-1];
prevBear =bear[index-1];
prevMa = ma[index-1];
lowBuy = bear for last buy signal, reset to max_positive at each  sell signal;
sell = bull moreThan midGuide  AND bull lessThan prevBull AND ma lessThan prevMa AND bull moreThan highSell;
buy = bear lessThan midGuide AND bear moreThan prevBear AND ma moreThan prevMa AND bear lessThan lowBuy ;