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Elder-rays is a unique indicator, composed of two oscillators and a trend following indicator. The oscillators reflect the bulls' power and the bears' power. The Exponential Moving Average is used as the trend following indicator. The oscillators are calculated based on the differences between the prices and EMA:
Bull Power = High – Exponential Moving Average (EMA)
Bear Power = Low – Exponential Moving Average (EMA)
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posted Friday, January 08, 2010
Very nice indicator. Thank you!
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