Total Power Indicator is an updated version of the Alexander Elder’s Elder-Ray index, which is based on the power strength of bulls and bears, along with a 13 day EMA. The indicator was created by Daniel Fernandez in 2011 and was published in the magazine “Currency Trader.”
How to Trade with Total Power Indicator
The Elder-ray index was created with a main objective to determine trends based on pressure of bulls and bears. The indicator used three technical indicators, which showed how bullish and bearish price fluctuations were formed according to the price. The drawback of this index is that it does not make clear signals on market entrance.
Hence, the Total Power Indicator for MT4 was developed to provide particular outlook for the market price fluctuations, along with the difference between the current and previous price. The indicator includes the 13 day EMA and two Alexander Elder’s indexes – bull and bear power.
Possible uses of Total Power Indicator: If 100 level is reached by either Bulls or Bears along with the Total indicator, then we can enter a long or short trade accordingly. If Bull line crosses Bear line from the bottom upwards, then we have a buy signal. While if Bear line intersects Bull line from top downward, then it’s an indication to sell. If either Bulls or Bears intersect the level of 50 to the topside, then we have bullish or bearish bias accordingly. Note: Bull power is the green line. Bear power is the red line. Total power is the blue line.
How to Install Total Power Indicator
How to install your indicator on MT4 platform:
1. Click on Download button below;
2. Save the file to your computer;
3. Move the .ex4 file into the following folder: meta traderexpertsindicators;
4. Restart your Metatrader platform;
5. Click the “Indicators” button in Metatrader toolbar;
6. Select “Custom”;
7. Search and select “Total Power Indicator”;
8. Adjust settings or press OK to add the indicator to your selected chart;
Note: Total Power Indicator is developed by Daniel Fernandez and was sent by an AtoZ Markets follower from the United Kingdom, Andrew. AtoZ Markets does not carry any copyrights over this trading tool.
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