Total Power Indicator MetaTrader indicator | FREE Forex Trading Indicator
The Total Power Indicator (MetaTrader indicator) is based on two standard indicators: Bear Power and Bull Power. The indicator calculates the proportional index for bears, bulls, and total (calculated as the difference between bulls and bears) for the current bar based on how many bullish and bearish bars were present during a specified look-back period. This method yields continuous lines of relative average bear and bull power over time, removing the main disadvantage of the original Bear/Bull Power indicators — a lack of long-term perspective. Daniel Fernandez of Asirikuy.com created the MetaTrader 4 version of Total Power Indicator in 2011.
- LookbackPeriod (default = 45) — the main period of the indicator. Determines the amount of bars to look back to count the bear/bull-dominated ones.
- PowerPeriod (default = 10) — the period of the original Bear Power and Bull Power indicators.
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There are plenty of different ways this indicator could be used in:
- The most surefire entry method (but the most rare) is to wait for both Bull (or Bear for selling) and Total lines show 100 value and enter a long trade (or a short one if it’s Bear line).
- The cross of the Bear and Bull lines can also be used to enter trades. If the Bull line resulted above — go long, if the Bear line is now above — go short.
- The cross of the Bull and Bear lines with the Total line can be used both to enter positions and to close them. If the Bull line crosses Total from below, enter long, if the Bear line crosses Total from below, go short. If the lines cross Total from above — close the corresponding position.
- Alternative method is to use the certain indicators levels rather than crosses to enter trades. For example, go long/short if Bull/Bear line is above level 66.
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