Elder Ray Bull Power
Elder Ray Bull Power was authored by Alexander Elder. Elder Ray Bull Power should be used with Elder Ray Bear Power. The Elder Ray Bull Power is the current high 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 Bear Power
How To Trade Using Elder Ray Bull Power
Elder Ray Bull Power should be used with Elder Ray Bear Power. If the bull peaks above the mid guide and the ma is falling a sell 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); bear = low - ma; Plot: bull = high - ma; //Signals - a buy signal is calculated but not displayed prevBull =bull[index-1]; prevBear =bear[index-1]; prevMa = ma[index-1]; highSell = bull for last sell signal, reset to max_negative at each buy 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 ; if (buy) highSell = max_negative;