Bulls vs Bears

6 Jul 2022

This indicator helps show whether Bulls or Bears have more power at a given time.

On the chart, you can see how one might use this indicator for entry, exit, and confirmation.

The math used to calculate the indicator line is as follows:

• bullPower = high - MA
  
• bearPower = low - MA
  
• indicatorLine = bullPower + bearPower
  

If the indicator is above the baseline of 0, line is green and Bulls are in power.
If the indicator is below the baseline of 0, line is red and Bears are in power.

Baseline is defaulted to 0. This can be changed in either direction to create more confirmation about bullish or bearish. This line determines the color of the indicator line.

The dark band/channel is based on the Average True Range (ATR). The channel size can be adjusted. When the indicator line moves outside of the channel, it is an extremely strong indicator of who is in power and may precede a reversal or slowdown.

Settings that can be adjusted:

• ATR Multiplier - adjusts the size of the channel. Default is 3
  
• Source (default hlc3)
  
• Moving Average Length - Default is 13.
  
• Moving Average Type
  
• - EMA
  
• - SMA
  
• - SMMA (RMA)
  
• - WMA
  
• - VWMA
  
• Baseline - Sets color of indicator line to show what's bullish/bearish. Default to 0.
  
• Colors:
  
• - Indicator Line Colors
  
• - ATR Band upper & lower lines
  
• - ATR band background