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

Elders Bull Power1

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.

Elders Bull Power2

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Go to the top menu, choose Study>Alexander Elder>Elder Ray Bull 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);
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;