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Elder Ray
- DarkLight
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
INPUTS
Input | Description |
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Length | The 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.
Plot | Description |
---|---|
BullPower | The BullPower plot |
BearPower | The BearPower plot |
Zero | The zero level |
Color |
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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. To create a custom color:
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:
|
OVERLAYING
Check Overlaying to display the indicator on the chart. Otherwise, the indicator is shown in a study pane down below.