Bears vs Bulls Indicator for MT4 and MT5

Written by Dominic Walsh · Published 29 Jul 2026 · Last updated 18 Sep 2026

Elder measured two things separately, and the bears vs bulls indicator keeps them apart. How far above a thirteen-bar average the high reached, and how far below it the low fell. Behind both sits a third figure: their sum, saying which side won the bar outright.

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	4: Net Up, Net Down, Bulls Power, Bears Power
Alerts	popup, push notification, email, sound
Inputs	7

What shows up when you attach it

Two lines and two histograms in one pane.

`Bulls Power` traces lime at width 2.

`Bears Power` traces orange red beside it.

`Net Up` fills forest green when the sum is positive.

`Net Down` fills fire brick when it is not.

Zero runs across the middle as a reference.

• Net Up: histogram, forest green, width 4
• Net Down: histogram, fire brick, width 4
• Bulls Power: line, lime, width 2
• Bears Power: line, orange red, width 2

How the numbers arrive

One average, two distances

iMA at `InpEmaPeriod` `13` gives the reference. The bar high less that average is one reading, and the bar low less it is the other.

Scaled to points

Raw distances are fractions of a pip. Dividing by point value turns both into whole numbers, which is what makes them readable on any symbol.

The sum

Adding the two gives the net figure. A positive sum means the reach above the average beat the reach below it, and the histogram colours accordingly.

What you act on

The lime line is normally positive and the orange red negative.

Both positive means even the low stayed above the average.

Both negative means even the high stayed below it.

The histogram shows which side won the bar.

A shrinking lime line warns before the sum turns.

Values read in points, so they vary by symbol.

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

Messages here follow the net figure changing side. `EnableAlerts` governs whether any go out and ships on with `EnablePopup`. Three wait: `EnablePushNotify` to your phone, `EnableEmail` out through the terminal, `EnableSound` playing `SoundFile`.

Every Bears Vs Bulls Indicator input

Core settings

Setting	What it does	Default
InpEmaPeriod	EMA period (Elder default 13). Bars in the reference average, `13`.	13

Alert settings

Setting	What it does	Default
EnableAlerts	Whether net-turn messages go out, `true`.	on
EnablePopup	Shows one in a MetaTrader box, `true`.	on
EnablePushNotify	Sends one to your phone, `false`.	off
EnableEmail	Mails one out, `false`.	off
EnableSound	Sounds one on the desktop, `false`.	off
SoundFile	Clip the net-turn sound uses, `”alert.wav”`.	alert.wav

Fitting it to a chart

Elder’s thirteen-bar average is short enough to travel between timeframes. EURUSD H1 is the reference chart, where the sum changes side most days. Drop to M5 and it flips constantly. On daily bars each turn covers a fortnight.

Where it disappoints

Both readings come from one average, so they lag together.

Point values cannot compare across symbols.

A wide bar moves both readings at once.

The sum can turn without price changing direction.

Copy the compiled Bears Vs Bulls 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 Vs Bulls Indicator: Momentum (technical analysis) on Wikipedia, Exponential Moving Average at Investopedia.

Download the Bears Vs Bulls Indicator for MT4 and MT5

The zip holds the compiled Bears Vs Bulls 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

What do Bulls Power and Bears Power measure?

Reach past a thirteen-bar average. One takes the bar high less that average, the other the bar low less it, so together they describe how far each side pushed beyond the recent mean.

Can Bulls Power and Bears Power both go positive?

Yes, and it is worth noticing. It means even the bar’s low finished above the average, which is a stronger statement than the lime line alone sitting high.

Why does InpEmaPeriod feed a reading scaled to points?

Because the raw distances are fractions of a pip and would plot flat. Dividing by point value turns them into whole numbers that read the same way whichever symbol you load.

What does the Net Up histogram add?

A single verdict. The two lines can both be strong or both weak, and their sum collapses that into one figure saying which side actually won the bar outright.

Are results guaranteed?

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