The indicator is based on bulls and bears power strength, with a 13-day EMA.
How to trade with the Total Power Indicator
The Elderray index was designed with the main purpose of determining trends based upon pressure from bulls and bears. Three technical indicators were used to show how price changes affected bullish or bearish prices. This index does not provide clear signals about market entry.
This indicator for MT4 is a tool that provides a specific outlook on market price fluctuations and the difference between current and past prices. This indicator also includes the 13-day EMA and two Alexander Elder’s indexes – bull and bear power.
Uses of the Total Power Indicator. When either Bulls nor Bears reach 100, we can then enter a short or long trade. A buy signal is when the Bull line crosses the Bear line, from the bottom upwards. If the Bull line crosses over Bear line from the top, it is a signal to sell. Bullish or bearish bias is determined if either Bulls or Bears cross the 50-degree mark. Note: The green line is Bull power. Bear power is the blue line. The blue line is total power.
To trade Forex with Total Power Indicator with a licensed broker, you must open an account at one of the following brokers:
How to Install the Total Power Indicator
How to install your indicator in MT4 platform
1. Below, click on Download
2. Save the file to your hard drive.
3. Move the .ex4 file into the following folder: meta traderexpertsindicators;
4. Start your Metatrader platform.
5. Click on the " Indiators” button in Metatrader's toolbar.
6. Choose " Custom".
7. Select " Total Energy Indicator" from the search results.
8. To add the indicator to your chart, adjust settings or click OK
Note:Total power indicator was developed by Daniel Fernandez. It was sent to Andrew, an AtoZ markets follower, from the United Kingdom. This trading tool is not under the control of AtoZ Markets.
Should Total Power Indicator be used in trades?
This article will help you understand the basics of this indicator before you begin trading.
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