HPotter

Elder Ray (Bull Power)

Developed by Dr Alexander Elder, the Elder-ray indicator measures buying
and selling pressure in the market. The Elder-ray is often used as part
of the Triple Screen trading system but may also be used on its own.
Dr Elder uses a 13-day exponential moving average ( EMA ) to indicate the
market consensus of value. Bull Power measures the ability of buyers to
drive prices above the consensus of value. Bear Power reflects the ability
of sellers to drive prices below the average consensus of value.
Bull Power is calculated by subtracting the 13-day EMA from the day's High.
Bear power subtracts the 13-day EMA from the day's Low.
You can use in the xPrice any series: Open, High, Low, Close, HL2 , HLC3, OHLC4 and ect...
Open-source Skript

Ganz im Sinne von TradingView hat der Autor dieses Skripts es als Open-Source veröffentlicht, damit Trader es verstehen und überprüfen können. Ein Hoch auf den Autor! Sie können es kostenlos verwenden, aber die Wiederverwendung dieses Codes in einer Publikation unterliegt den Hausregeln. Sie können das Skript den Favoriten hinzufügen, um es auf dem Chart zu verwenden.

Möchten Sie dieses Skript auf einem Chart verwenden?
////////////////////////////////////////////////////////////
//  Copyright by HPotter v1.0 23/07/2014
// Developed by Dr Alexander Elder, the Elder-ray indicator measures buying 
// and selling pressure in the market. The Elder-ray is often used as part 
// of the Triple Screen trading system but may also be used on its own.
// Dr Elder uses a 13-day exponential moving average (EMA) to indicate the 
// market consensus of value. Bull Power measures the ability of buyers to 
// drive prices above the consensus of value. Bear Power reflects the ability 
// of sellers to drive prices below the average consensus of value.
// Bull Power is calculated by subtracting the 13-day EMA from the day's High. 
// Bear power subtracts the 13-day EMA from the day's Low.
// You can use in the xPrice any series: Open, High, Low, Close, HL2, HLC3, OHLC4 and ect...
////////////////////////////////////////////////////////////
study(title="Elder Ray (Bull Power)")
Length = input(13, minval=1)
hline(0, color=purple, linestyle=line)
xPrice = close
xMA = ema(xPrice,Length)
DayHigh = iff(dayofmonth != dayofmonth[1], high, max(high, nz(DayHigh[1])))
nRes = DayHigh - xMA
plot(nRes, color=blue, title="Bull Power", style = histogram)
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Kommentare

Hi, thanks for developing this script, i just wanna check on how to use this indicator as an entry? I have displayed bother Bull and Bear power, but trying to understand how it works - for instance, market is bullish but i see Bear power at -319, while Bull Power is at 95 which is opposite to what is should be, appreciate your advise, thanks.
+1 Antworten
HPotter msherif2020
@msherif2020, Hi, I can`t help you with this question. Sorry.
Antworten
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