Bears Power Forex Indicator
Bears Power Forex Indicator Elder-Rays Technical Indicator combine the properties of trend following indicators and oscillators. They use Exponential Moving Average indicator (EMA, the best period is 13) as a tracing indicator. The oscillators reflect the power of bulls and bears.To plot the Elder-Rays three charts should be used: on one side, the price chart and Exponential Moving Average will be plotted, on two other sides bulls power oscillator (Bulls Power) and bears power oscillator (Bears Power) will be plotted.
Elder-rays are used both individually and together with other methods. If using them individually, one should take into account that the Exponential Moving Average slope determines the trend movement, and position should be opened in its direction. Bulls and bears power oscillators are applied for defining the moment of positions opening/closing.
Bears Power Forex Indicator sell signal:
- there is a decreasing trend (determined with the Exponential Moving Average movement);
- the Bulls Power oscillator is positive, but decreases gradually;
- the last trough of the Bulls Power oscillator is lower than the previous one;
- the Bulls Power oscillator decreases leaving the Bears’ divergence.
Bears Power Forex Indicator buy signal:
- there is an increasing trend (determined with the Exponential Moving Average movement);
- the Bears Power oscillator is negative, but increasing at the same time;
- the last peak of the Bulls Power oscillator is higher than the previous one;
- the Bears Power oscillator increases after the Bulls divergence.
- At the positive values of the Bears Power oscillator, it is better to keep back.
Do not open short positions when the Bulls Power oscillator is negative. Divergence between the Bulls and Bears Power and prices is the best time for trading.
What does Forex Indicator mean?
A forex indicator is a statistical tool that currency traders use to make judgements about the direction of a currency pair’s price action. Forex indicators come in many types, including leading indicators, lagging indicators, confirming indicators and so on. Popular forex indicators include moving averages, relative strength index (RSI) and average true range (ATR). A forex trader must choose the indicators that fit his or her trading strategy.
How to install Bears Power Forex Indicator?
- Download Bears Power Forex Indicator.zip
- Copy mq4 and ex4 files to your Metatrader Directory / experts / indicators /
- Copy tpl file (Template) to your Metatrader Directory / templates /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your forex indicator
- Load indicator on your chart
How to uninstall Bears Power Forex Indicator?
To shut down an indicator, one has to remove it from the chart. At that, its drawing and recalculation of its values will stop. To remove an indicator from the chart, one has to execute its context menu commands of “Delete Indicator” or “Delete Indicator Window”, or the chart context menu command of “Indicators List – Delete”.