Bears Power Indicator for MT4 and MT5

Written by Dominic Walsh · Published 29 Jul 2026 · Last updated 21 Sep 2026

Alexander Elder’s question was narrow and useful. How far below the market’s perceived value did sellers manage to push? The bears power indicator answers it one bar at a time, measuring each low against a thirteen-bar average and reporting the gap in points.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Separate window (levels 0)
Plots	3: Bears Power +, Bears Power -, Signal
Alerts	popup, push notification, email, sound
Inputs	8

Its visible parts

Two histograms and a line, in a pane.

`Bears Power +` fills medium sea green at width 3.

`Bears Power -` fills crimson at the same width.

`Signal` traces goldenrod at width 1.

A reference sits at zero across the pane.

Values are points, not prices.

• Bears Power +: histogram, medium sea green, width 3
• Bears Power –: histogram, crimson, width 3
• Signal: line, goldenrod, width 1

How the Bears Power Indicator does its maths

Low against value

`InpEmaPeriod` `13` gives an exponential average of closes, which Elder treated as the market’s consensus of value. The code then measures each bar’s low against that figure.

Scaled to points

The code divides the gap by the symbol’s point size. Without that step the histogram would stand fractions of a pip tall and the pane would draw as a flat line.

The signal line

`InpSignal` `9` runs an exponential average over the reading itself, not over price. The crossing between the two is what the tool reports.

Making the output useful

Below zero sellers pushed under the average.

Above zero even the low stayed above it.

Green above zero is an unusual, strong condition.

Deepening crimson means sellers are gaining ground.

Shallowing crimson means they are losing it.

Warm-up needs about twenty-five bars.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

The reading crossing its own signal is what reports. `EnableAlerts` holds the master switch and the popup box is open already. The push route, the mail route and the desktop clip behind `SoundFile` all wait until you enable them.

Every Bears Power Indicator input

Core settings

Setting	What it does	Default
InpEmaPeriod	EMA period (Elder default 13). Bars in the value average, `13`.	13
InpSignal	Signal EMA of Bears Power. Bars in the average over the reading, `9`.	9

Alert settings

Setting	What it does	Default
EnableAlerts	Master switch on the crossing message, `true`.	on
EnablePopup	Popup box, open already, `true`.	on
EnablePushNotify	Push route to a phone, `false`.	off
EnableEmail	Mail route out, `false`.	off
EnableSound	Desktop clip route, `false`.	off
SoundFile	Clip on that route, `”alert.wav”`.	alert.wav

What to load it on

Thirteen bars was Elder’s figure for a daily chart and it still sets the character. EURUSD H1 is the reference chart, where the reading crosses its signal several times a week. On M5 it crosses constantly.

When to distrust it

The reading is almost always below zero.

Point values mean nothing between two symbols.

A crossing lags the low that caused it.

One side of the market is all this measures.

Copy the compiled Bears Power Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Background reading on the method behind the Bears Power Indicator: Elder-Ray Index at Investopedia, Moving average on Wikipedia.

Download the Bears Power Indicator for MT4 and MT5

The zip holds the compiled Bears Power Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

Why is the Bears Power – histogram almost always showing?

Because a bar’s low usually sits below an average of closes. Negative is the normal state; what matters is whether the gap is deepening or shrinking, which is what the colour and the signal line describe.

What does it mean when Bears Power + appears?

The low itself finished above the thirteen-bar average, so sellers could not push price below perceived value at any point in the bar. That is unusual and marks genuinely one-sided buying.

What does InpSignal 9 average?

The reading itself rather than price. A crossing between the histogram and the gold line therefore marks a change in seller pressure, which is a different thing from a change in price direction.

Why is InpEmaPeriod 13 the default?

Elder published it, working from daily charts where roughly thirteen bars covers a trading fortnight. It is short enough to follow a turn and long enough that one bar cannot swing the average.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Bears Power Indicator as one input. Always backtest before trading live.