The bulls bears power indicator puts both of Elder readings in a single pane, where the platform normally needs two. Bulls Power is the bar high minus an average, Bears Power is its low minus the same average. Both are distances in points rather than oscillator values.
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: Bulls Power (points), Bears Power (points), Net Balance |
| Alerts | popup, push notification, email, sound |
| Inputs | 9 |
What the Bulls Bears Power Indicator draws on the chart
Bulls Power (points) measures how far the bar high reached above the average.
Bears Power (points) measures how far the low reached below it.
Net Balance sums the two and smooths the result, when InpShowNet stays on.
A zero level crosses the pane, which is where a reading sits exactly on the average.
- Bulls Power (points): histogram, medium sea green, width 3
- Bears Power (points): histogram, crimson, width 3
- Net Balance: line, gold, width 2
How the Bulls Bears Power Indicator calculates its values
Elder definition, used verbatim
Bulls Power is the bar high minus an average of the closes over InpEmaPeriod. Bears Power is the bar low minus that same average.
Both then get divided by the symbol point size, so the pane reads in points rather than in raw price. That is what lets both sit on one scale.
Why both belong together
The platform ships these as two separate tools, which means two panes and twice the screen space for one idea.
Read together they describe the whole bar: how far buyers pushed above the mean and how far sellers pushed below it, on the same axis.
The net line
Net Balance adds the two readings and smooths the sum over InpNetSmooth bars using an exponential weight.
A positive net means the upper excursion outweighed the lower one across recent bars, which is a different question from either reading alone.
How to read the signals
These are distances, not an oscillator. There is no fixed range and no overbought level.
Bulls Power below zero means even the bar high failed to reach the average, which is a strong statement.
Bears Power above zero means the low stayed above it, the mirror case.
Net Balance answers which side dominated recently, while the two components answer how far each reached.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
Alerts cover popup, push, email and sound. A bar time check keeps it to one alert per closed bar.
Every Bulls Bears Power Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
InpEmaPeriod |
Value EMA period p (Elder default 13). InpEmaPeriod is the average both readings measure from. It defaults to 13, the length Elder published. | 13 |
InpNetSmooth |
Net balance EMA period. InpNetSmooth smooths the summed net line, 5 bars by default. Raising it calms the line and delays each turn. | 5 |
Display settings
| Setting | What it does | Default |
|---|---|---|
InpShowNet |
Draw the net balance line. InpShowNet draws the net line and defaults to true. Switching it off leaves the two component readings alone. | on |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
EnableAlerts gates the message block and defaults to true. | on |
EnablePopup |
(see inputs panel) | on |
EnablePushNotify |
(see inputs panel) | off |
EnableEmail |
(see inputs panel) | off |
EnableSound |
(see inputs panel) | off |
SoundFile |
(see inputs panel) | alert.wav |
Settings that fit your chart
The screenshot uses EURUSD H1. Because the readings are point distances, the pane scale follows the instrument, so a volatile market simply produces larger numbers. H1 and H4 give bars with enough range for the two readings to separate meaningfully.
When the Bulls Bears Power Indicator fails
Point distances are not comparable between instruments, so the same number means very different things on gold and on a currency pair.
Both readings measure against one average, so a lagging average drags both.
A wide bar produces large readings on both sides at once, which says the bar was volatile rather than that either side won.
Net Balance sums two numbers that can both be large, so a big net can hide two big opposing excursions.
Copy the compiled Bulls 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 Bulls Bears Power Indicator: The Principles of Banking on Wikipedia, Chart Annotation Tools at StockCharts ChartSchool.
Download the Bulls Bears Power Indicator for MT4 and MT5
The zip holds the compiled Bulls 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.
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FAQ
Why split Bulls Power and Bears Power into two panes?
Elder defined them as two readings, and MetaTrader follows that by giving each its own pane. Drawing them together costs no accuracy, since both are point distances from the same average, and it saves a whole sub-window for one idea.
What does Bulls Power below zero actually mean?
The bar high failed to reach the average of the closes over InpEmaPeriod. That is a strong statement, because it says buyers could not lift price to the mean at any point during the bar, not merely that the close finished below it.
Is Bulls Power comparable across instruments?
No. Both are distances in points from the average, so a volatile instrument produces far larger numbers than a quiet one. Compare a symbol against its own history rather than reading the numbers across markets.
What does InpNetSmooth 5 do to Net Balance?
It applies an exponential weight over five bars to the summed reading. That calms a line which would otherwise jump with every wide bar. Raising it smooths further and delays each turn, and switching InpShowNet off removes the line entirely.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Bulls Bears Power Indicator as one input. Always backtest before trading live.
External references
- The core method is documented in The Principles of Banking on Wikipedia.
- Additional market context is at Chart Annotation Tools at StockCharts ChartSchool.
About the author
Written by Dominic Walsh, a Forex trader and MT4/MT5 indicator, Expert Advisor and script developer. Every tool on forexmt4systems.com is tested on live charts before release and ships with ready-to-use compiled MT4 (.ex4) and MT5 (.ex5) files. Learn more about the trader and developer behind this site.
How we build, test and correct every tool: Editorial & Testing Policy. Trading carries risk; see the disclaimer.