Indicators

Elder Rays

Developer: MooMooForex

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.

INPUTS

The following are inputs available in the application:

  • Moving Average – The number of periods to use for the moving average. The default value is 13.
  • Use SMA – Use a simple moving average. Set to true/yes to use a simple moving average, or false/no to use an exponential moving average. The default value is false/no.
  • BearPower – Reflect bear power or bull power. Set to true to show bear power, or false to show the bull power. The default value is false.
Risk Disclaimer

The application displayed on this page does not take in to consideration your individual personal circumstances and trading objectives. Therefore it should not be considered as a personal recommendation or investment advice. Past performance is not indicative of future results. There is no guarantee that the systems, trading techniques, trading methods, and/or indicators will result in profits or not result in losses.

Requirements

An FXCM live or demo account is required.

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