Bull Power
Bull Power is the bullish counterpart within the Elder-ray system. It measures how strongly buyers push prices above an exponential moving average (EMA) by comparing the bar high with the average price.
Use the BullPower class to work with this indicator.
Description
The indicator uses the formula:
Bull Power = High − EMA.
- Positive values confirm bullish pressure and support a rising trend.
- Falling values toward zero or below zero signal weakening bulls.
- Extreme peaks may precede corrections, especially when the EMA is pointing downward.
Parameters
Bull Power inherits its parameters from ExponentialMovingAverage:
- Length — EMA period.
- Alpha (optional) — smoothing coefficient, when applicable.
Usage
- Rising Bull Power together with a rising EMA confirms trend strength.
- Price making new highs without higher Bull Power readings forms bearish divergence.
- Combine Bull and Bear Power with the price EMA to evaluate the full Elder Ray structure.
