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.
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.
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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; //Signals 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 ;