Modiied Elder Ray Index(Bull or Bear)

Here's a modified version of the Elder Ray Index created by the famed Dr . Alexander Elder. This indicator has proven to be especially helpful lately given the crazy state of crypto.

Slow Moving Average:
The top chart shows the moving average used to filter trends. I recommend using a higher window length(can be adjusted with the 'lenSlowMA' input option). I wanted this to be a very smooth moving average , so I used the following formula:

slow MA = ema ( vwma (close, 64), 64)

This resulted in a pretty smooth line that still detects major price movements very well.

-The background and bar colors both change in response to the Slow MA's value. The background and bars change to green when a bullish trend is detected and red when bearish .

Bear and Bull Power:
To balance things out a little, I included two histogram's based on Elder's Ray. Here, a more responsive EMA with a shorter window length is used to calculate the bull and bear power values and track short-term price fluctuations.
NOTE: The length of the EMA used here can be adjusted in the input menu.
Bull Power = current high - EMA (close, 13)
Bear Power = current low - EMA (close, 13)

-Profit Programmers

本着真正的TradingView精神,该脚本的作者将其开源发布,以便交易者可以理解和验证它。为作者喝彩!您可以免费使用它,但在出版物中重复使用此代码受网站规则的约束。 您可以收藏它以在图表上使用。