Description
Elder Ray
Developed by Alexander Elder
Also Known as Bull Power & Bear Power
Crucial Part of this indicator is a trending market that respects an EMA , Elder used 26 Periods for weekly TF
This is a trend following Indicator and mainly depends on the skill of the trader .
Setup
1-Put an EMA on the chart and adjust its periods till prices are respecting the EMA
2-Put the Elder Ray Indicator and Choose Yes in the options menu . (Adjust colors for Bulls)
*Set Period Parameter exactly as your EMA Periods
3-Put the Elder Ray Indicator for the 2nd time and Choose No in the options menu .(Adjust colors for Bears)
*Set Period Parameter exactly as your EMA Periods
Ex. 20 period Ema --> Bull Power Period = 20 & Bear Power Period = 20
Up Tick on Bear Power means Bear Power has become Bullish
Dn Tick on Bull Power means Bull Power has become Bearish
There is a complete description for how to use this indicator in Elder's Book "Come Into my Trading Room"
This is Mainly a Swing Trading Indicator
Update
-Cleaning code
-Default to Yes (Bull)
-Default to Line Thickness 3
using System;
using cAlgo.API;
using cAlgo.API.Internals;
using cAlgo.API.Indicators;
using cAlgo.Indicators;
namespace cAlgo
{
[Indicator(IsOverlay = false, AutoRescale = true, TimeZone = TimeZones.UTC, AccessRights = AccessRights.None)]
public class Cyf_Elder_Ray : Indicator
{
private ExponentialMovingAverage EMA;
[Parameter("(Y)Bull/(N)Bear", DefaultValue = true)]
public bool Draw { get; set; }
[Parameter("Period", DefaultValue = 22)]
public int Period { get; set; }
[Output("Up Power", PlotType = PlotType.Histogram, Color = Colors.White, Thickness = 3)]
public IndicatorDataSeries Bull { get; set; }
[Output("Dn Power", PlotType = PlotType.Histogram, Color = Colors.DodgerBlue, Thickness = 3)]
public IndicatorDataSeries Bear { get; set; }
protected override void Initialize()
{
EMA = Indicators.ExponentialMovingAverage(MarketSeries.Close, Period);
}
public override void Calculate(int index)
{
var TheBull = double.NaN;
var TheBear = double.NaN;
if (Draw)
{
TheBull = (MarketSeries.High[index] - EMA.Result[index]);
if (TheBull > 0)
{
Bull[index] = TheBull;
}
else
Bear[index] = TheBull;
}
else if (Draw == false)
{
TheBear = (MarketSeries.Low[index] - EMA.Result[index]);
if (TheBear > 0)
{
Bull[index] = TheBear;
}
else
Bear[index] = TheBear;
}
}
}
}
cyfer
Joined on 27.09.2015
- Distribution: Free
- Language: C#
- Trading platform: cTrader Automate
- File name: Cyf_Elder_Ray.algo
- Rating: 0
- Installs: 3131
- Modified: 13/10/2021 09:54
