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Bull-Bear Power

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    Bull-Bear Power

    While perusing the TRO "Trend thread" I came across the Elder Xray indicator. Simple enough for even me to program single-handed.

    The name being way to pompous for my taste, I'll call it the Bull-Bear Power indicator.

    It's funtion and use are described here:

    and here:


    Elder-Ray Index
    A technical indicator developed by Alexander Elder that measures the amount buying and selling pressure in the market. This indicator consists of two separate indicators known as "bull power" and "bear power". These figures allow a trader to determine the position of the price relative to a certain exponential moving average (EMA).

    Bull Power = Daily High - n-period EMA
    Bear Power = Daily Low - n-period EMA

    Technical traders will use the values of the bull and bear power along with divergence to make transaction decisions. Long positions are taken when the bear power has a value below zero but is increasing and the bull power's latest peak is higher than it was previously. A short position is taken when the bull-power value is positive but falling and the bear power's recent low is lower than any other previous bottom. The slope of the EMA can also be used in both cases to help confirm the direction of the trend.

    Click image for larger version

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    #2
    Great. Thank you goldfly.
    Josh P.NinjaTrader Customer Service

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      #3
      Woo hoo! 60 downloads. Not bad for my first piece of public-use software.

      So does anybody use this as more than a curiosity? Maybe I can figure out how to add a poll and we'll see.

      Anyhow, I think I'll celebrate by releasing something else. If I can find it here......

      Comment


        #4
        useable in ma?

        Originally posted by goldfly View Post
        Woo hoo! 60 downloads. Not bad for my first piece of public-use software.

        So does anybody use this as more than a curiosity? Maybe I can figure out how to add a poll and we'll see.

        Anyhow, I think I'll celebrate by releasing something else. If I can find it here......

        ...interesting indy..can it be plotted to use in market analyzer?

        Comment


          #5
          mystiq, you should be able to access the plots in the MA, yes.
          BertrandNinjaTrader Customer Service

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            #6
            Is there any way to get the Bulls Power and the Bears Power to be coded to display in separate windows? Basically, I would like for the indicators to look and run just like it does in MetaTrader as I have developed a trading plan around these indicators and how they act differently at certain times. I'm not a coder and will need a brave soul to code it like how it is in MetaTrader if I'm ever going to be able to trade my trading plan in Ninja..

            Thank You,
            10+

            Comment


              #7
              Welcome to our forums here 10+ - you could also get that setup without custom coding, just load the indicator 2 times and then set the unneeded plot colors to transparent, so in one version the bull plots to transparent and in the other version the bear plots.

              This should give you the display you seek here.

              Thanks,
              Last edited by NinjaTrader_Bertrand; 09-28-2011, 07:27 AM.
              BertrandNinjaTrader Customer Service

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                #8
                Originally posted by NinjaTrader_Bertrand View Post
                Welcome to our forums here 10+ - you could also get that setup without custom coding, just load the indicator 2 times and then set the unneeded plot colors to transparent, so in one version the bull plots to transparent and in the other version the bear plots.

                This should give you the display you seek here.

                Thanks,
                Yeah, your right, that worked. Thank You for that. But now I have run into another problem. It's hard to write a strategy comparing the different values of the Bull Power and Bear Power when the indicator is named the same thing. Any suggestions?

                Comment


                  #9
                  You're welcome 10+YearTrader, for this purpose in the strategy just use the different plots the indicator offers. Those would be exposed for programmatic access for example from the wizard - please see the 5th section in this link here :

                  BertrandNinjaTrader Customer Service

                  Comment


                    #10
                    Ok so your saying that I can do anything in NinjaTrader with this indicator written as it is, and I won't need for it to be 2 separate indicators to do any type of testing, strategy or whatever, I can do it all with it set up in one indicator the same as it being 2 separate indicators, right? Or is there somethings I would need to have them written separately to do?

                    Thanks Again,
                    10+

                    Comment


                      #11
                      10+YearTrader, with indicator file provided you can access all exposed values the indicator offers (the plots), which should be sufficient for most needs. Therefore I would not think a split-up is needed here.
                      BertrandNinjaTrader Customer Service

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                        #12
                        Has this indicator been converted to Ninjatrader 8 as of yet?

                        Comment


                          #13
                          Originally posted by otislauwaert View Post
                          Has this indicator been converted to Ninjatrader 8 as of yet?
                          that was long time ago when you had to use some make believe buy, sell volume, use built in ninja buy sell pressure instead.

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                            #14
                            Where is the indicator located?

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