Bulls Vs Bears is a Client Side VertexFX VTL Indicator. The indicator shows the underlying strength in price moves. It plots two lines on the indicator pane, the green line is the Bull Power and red line is the Bear Power. Bull power is calculated as the distance between the high of the bar from a 14 period moving average. Bear Power is the distance between the low of the bar and the 14 period moving average. When the bull power line is above the bear power line, an uptrend is in place. For a down trend the bear power line is above the bull power line. Trading signals can be generated with the crossover of bull power and bear power lines. When the bull power crosses above bear power, buy positions can be opened and vice versa for sell position. However, it is better to use the Bulls Vs Bears indicator in confirmation with other indicators.
The chart attached shows the indicator picking the uptrend and down trend with crossover of bull and bear lines. However, note that in sideways markets, the indicator generates choppy signals. The moving average period can be adjusted through the parameter “BBperiod” at the top of the script file. Use this indicator together with other indicators to generate solid trading signals.
Bulls Vs Bears.zip (2.56 KB)