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This function creates both the bull power and bear power indicators. Both indicators were created and described by Alexander Elder in its "Trading for a Living" book. They are both used in the popular Elder-Ray indicator.
The bull power shows the buying pressure or the capacity of bulls to push prices higher (above consensus). When bulls are stronger, the bull power indicator increases and it decreases when they are weak. The bull power is calculated by taking the daily high and subtracting an N-Period exponential moving average to it (Position of the price relatively to an exponential moving average).
The bear power shows the selling pressure or the capacity of bears to push prices lower (below consensus). The bear power is calculated by taking the daily low and subtracting an N-Period exponential moving average to it.
Technical traders can use bull and bear power values and their divergences to make trading decisions. For example, long trades could be initiated when the bear power is negative and increasing and the bull power is making new highs.
How it works:
This function returns the bull power indicator if you pass "1" as argument to it. It returns the bear indicator if you pass any other value.
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
