What is the Bulls Power indicator?

December 14, 2022 | monetaeditor

The Bulls Power indicator is a technical analysis tool that traders use to measure the strength of buying pressure in the markets. It was developed by Alexander Elder, a well-known trader and author of several books on technical analysis and trading. The Bulls Power is a momentum indicator that compares the current closing price to the high of a specified number of previous periods, typically 14. It is displayed as a histogram below the main price chart and is used to identify potential buying opportunities and the strength of bullish trends.

How is it used by traders?

Traders typically use the Bulls Power indicator to identify potential buying opportunities and the strength of bullish trends in the markets. The Bulls Power is displayed as a histogram below the main price chart and consists of two components: the blue line and the red line. The blue line represents the Bulls Power value for the current period, while the red line represents the average Bulls Power value for a specified number of previous periods, typically 14. Traders can use the Bulls Power to confirm the strength of a bullish trend or to identify potential buying opportunities.

How can I add the Bulls Power indicator to a chart in MT4 or MT5?

To add the Bulls Power indicator to a chart in MetaTrader 4 (MT4) or MetaTrader 5 (MT5), follow these steps:

Open the chart for the currency pair, stock, or other instrument that you want to analyze.

Click on the ”Insert” menu at the top of the chart and select ”Indicators” from the drop-down list.

In the ”Indicators” window, scroll down until you find the ”Bulls Power” and then double-click on it to add it to the chart.

The Bulls Power indicator will appear on the chart as a histogram below the main price chart.

You can customize the appearance of the Bulls Power by right-clicking on it and selecting ”Properties” from the context menu. This will open the ”Bulls Power” properties window, where you can change the color, line style, and other settings for the indicator.

Once you have customized the Bulls Power to your liking, click ”OK” to apply the changes and close the properties window. The updated Bulls Power will be displayed on the chart.

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Moneta Markets is a trading name of Moneta Markets (Pty) Ltd, an authorised Financial Service Provider (“FSP”) registered and regulated by the Financial Sector Conduct Authority (“FSCA”) of South Africa under license number 47490 and located at 1 Hood Avenue, Rosebank, Johannesburg, Gauteng 2196, South Africa. Company Registration Number: 2016 / 063801 / 07. Contact Phone Number: +27 (10) 1429139. Operational Office: 31 First Avenue East, Parktown North, Gauteng, Johannesburg, 2193, South Africa.

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Mmonexia Ltd, facilitates payment services to the licensed and regulated entities within the Moneta Markets Organizational structure.

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