Elder ray index
How far the high (bull power) and the low (bear power) reach past an exponential average.
Formula
Bull power = High − EMA(13) Bear power = Low − EMA(13)
How to read it
In an uptrend, bear power rising from below zero is a buying opportunity in Elder's method.
How to use it
Times entries within a trend set by the slope of the average.
In Kereon
Charts · Superchart. Default 13.
Also called: bull power, bear power, elder.