Studies · Trend
Elder Ray (Bull and Bear Power)
elderRay · Elder Ray — the bar's high and low against an EMA
Drawn in its own panelReads high, low, closeGuide lines at 0
Hover the chart to read values · practice data: a seeded random walk with no overnight gaps
What it measures
Measures how far each bar's high got above a 13-bar EMA of the close (bull power) and how far its low got below it (bear power). The EMA stands for the market's consensus value; the extremes show how hard buyers and sellers pushed away from it.
How traders use it
- Elder's buy setup: the EMA is rising and bear power is negative but climbing back toward zero (sellers are losing grip in an uptrend).
- His sell setup is the mirror: the EMA is falling and bull power is positive but shrinking.
- Divergence between price highs and bull-power highs warns that a rally is weakening.
Parameters
| Name | Value | Default | Allowed | What it does |
|---|---|---|---|---|
| period | 13 | ≥ 1 usual 5–30 | Length of the EMA used as the consensus price. Elder used 13. |
Outputs
| Bull | Bull power: high minus the EMA. |
| Bear | Bear power: low minus the EMA. |
Drawn in one colour, one line per output, told apart by line texture. Hover the chart to read each one.