Developed by Dr Alexander Elder, the Elder-ray indicator measures buying and selling pressure in the market.
Dr Elder uses a 13-day exponential moving average (EMA) to indicate the market consensus of value. Bull Power measures the ability of buyers to drive prices above the consensus of value. Bear Power reflects the ability of sellers to drive prices below the average consensus of value. The bull and bear power is reflected in the form of an oscillator.
This indicator can be configured to show either the Bulls power or Bears power. The recommended way to use this indicator is to have two instances, one showing each bull and bear power, and an additional moving average on the price chart.
The following are inputs available in the application:
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