Welcome to the Minions Labs’ reinterpretation of the Classic Bulls & Bears Power, developed by Alexander Elder a long ago.
Since the 2 indicators: Bull Power and Bear Power were histogram-based indicators and having 2 indicators in the same chart and occupy too much screen, we decided to mix them into ONE Line and Color-based indicator, which give us all the information we need.
The Bull & Bear Power indicators help you determine the strength of BUYERS (Bulls) vs. SELLERS (Bears). Basically, it measures the difference between the highest price and the lowest price according to an Exponential Moving Average of the Prices.
We then simply mixed the two values and displayed them in a single-line indicator, which is colored accordingly with the power of the Buyers and the Sellers.
Since we added a parameter to control the size of the lookback period, many study options can be achieved. It all depends on the Symbol, Timeframe and Period of analysis…
HOW TO “READ” THIS INDICATOR
- You can use the 0-line cross as an indication of a probable trend change.
- Colored line segments represent that Buyers/Sellers are dominant at that moment in time.
- Divergences can be exploited between Price and the indicator levels of Peaks and Valleys.
PARAMETERS
- Period of Analysis (Number of past bars to analyze)
As always, if you like this indicator, all I am asking is a little Review (not a Comment, but a REVIEW!)…
This will mean A LOT to me… And this way I can continue to give away Cool Stuff for Free…
With No Strings Attached! Ever!
Live Long and Prosper!
😉
Hi, congratulations on the excellent work. its indicator works very well added to didi index and DMI, forming a nice trading system. Would it be possible to build it on profit and tradingview?
Sorry Matheus, my Profit indicators projects is halted temporarily and TradingView is not in focus right now… 😉