ElderRayBearPower
ProRealTime v11Returns the ElderRayBearPower indicator value.
Syntax:
|
1 |
ElderRayBearPower[period,MAtype](price) |
Where:
- period= calculation period of the indicator (default is 13 periods)
- MAtype= moving average type applied (0=Simple 1=Exponantial 2=Weighted 3=Wilder 4=Triangular 5=End Point 6=Time Series), this setting is not mandatory, by default MA type 1 (exponential) is applied
- price= applied price for the calculation
ElderRay By measuring the distance from the bar’s high to the EMA, bull power represents the capacity of bulls to push prices above the average consensus of value (price). Bull power rises when bulls are stronger and falls when they are weaker, even becoming negative when they are utterly weak. Bear Power, by contrast, is the capacity of bears to push prices below the moving average. The distance between the low and the EMA, which widens when the bears are weaker and narrows when they are stronger, gives this figure. Bear Power is typically negative, so if it turns positive, the bulls have taken complete control.
You also can customize the ElderRay Bear Power with a second parameter.
For example: ElderrayBearPower[13,1](close). The second parameter (1 in the example above) indicates the type of average used : 0=Simple 1=Exponential 2=Weighted 3=Wilder 4=Triangular 5=End Point 6=Time Series. By default the parameter will be 1 (exponential).
