indicator · on price · open source
Elder Ray Bear Power
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About
Bear Power is the difference between the period low and an EMA of the close. Negative = bears pushed price below the average close.
- Pair with Bull Power for the full Elder Ray setup.
- Bear Power falling while Bull Power rises = weakening downtrend.
- Plot on the price pane alongside candles.
Source code
//@version=5
indicator("Elder Ray Bear Power", overlay=true)
len = input.int(13, "EMA Length", minval=2, maxval=200)
bear = low - ta.ema(close, len)
hline(0, "Zero", color=color.gray, linestyle=hline.style_dotted)
p_Bear_Power = plot(bear, "Bear Power", color=color.red, style=plot.style_columns, linewidth=2)
alertcondition(ta.crossover(bear, 0), "Bear Power positive", "Bear Power crossed above zero")
alertcondition(ta.crossunder(bear, 0), "Bear Power negative", "Bear Power crossed below zero")
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