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    Elder Ray
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      Elder Ray

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        Article summary

        Elder Ray is a technical indicator that measures the buying and selling pressure in the market. It comprises BullPower and BearPower indicators that derive from 13-period EMA and fluctuate above or below the zero line. Measuring the deviation of High/Low prices from the average price, BullPower and BearPower represent bullish or bearish strength in the market respectively.

        BullPower = High - EMAn
        BearPower = Low - EMAn

        where:
        EMA – Exponential Moving Average
        n – the number of periods

        Elder RayElder Ray

        INPUTS

        InputDescription
        LengthThe number of periods the indicator uses to calculate EMA

        PLOTS

        The plot renders the data you are working with on the chart. You can show/hide a plot by clicking the corresponding item in the settings. Every plot has a set of basic settings that you can change: color, weight, and type.

        PlotDescription
        BullPowerThe BullPower plot
        BearPowerThe BearPower plot
        ZeroThe zero level
        Color

        Click the color rectangle under the plot's name to open the palette. Use the slider at the bottom to set the opacity of the color.

        Palette

        To create a custom color:

        1. Clickto open the color picker
        2. By using the slider at the bottom, adjust the main color
        3. Then, set a shade for the main color on the palette

        The custom-created colors are added to your palette. To remove a custom color, drag it out of the palette.

        Weight
        Change the value (in px) to adjust the thickness of the plot.
        Type
        The following plot types are available:
        • Linear. The plot is displayed as a line.
        • Column. The plot is displayed as a histogram.
        • Difference. The plot is displayed as a line which represents the difference between High and Low prices of the bar.
        • Points. The plot is displayed as points.
        • Text above candle. The plot is displayed as the price labels above candles on the chart.
        • Text below candle. The plot is displayed as the price labels below candles on the chart.
        • Triangle above candle. The plot is displayed as triangles above candles on the chart.
        • Color candle. The candles on candle-type charts are highlighted with specified colors.

        OVERLAYING

        Check Overlaying to display the indicator on the chart. Otherwise, the indicator is shown in a study pane down below.

        Note: To reset the settings, click Restore to Default next to the SETTINGS: INDICATOR'S TITLE
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