indicator · on price · open source
Elder Ray Bull Power
Running…
Loading chart…
About
Bull Power is the difference between the period high and an EMA of the close. Positive = bulls pushed price above the average close.
- Pair with Bear Power for the full Elder Ray setup.
- Bull Power rising while Bear Power falls = trend confirmation.
- Plot on the price pane alongside candles.
Source code
//@version=5
indicator("Elder Ray Bull Power", overlay=true)
len = input.int(13, "EMA Length", minval=2, maxval=200)
bull = high - ta.ema(close, len)
hline(0, "Zero", color=color.gray, linestyle=hline.style_dotted)
p_Bull_Power = plot(bull, "Bull Power", color=color.green, style=plot.style_columns, linewidth=2)
alertcondition(ta.crossover(bull, 0), "Bull Power positive", "Bull Power crossed above zero")
alertcondition(ta.crossunder(bull, 0), "Bull Power negative", "Bull Power crossed below zero")
No comments yet.
Sign in to comment.