Elder Ray (Bear Power)

[eSignal]

File Name: ERBearPower.efs

Description:
Elder Ray (Bear Power)

Formula Parameters:
Length : 13
Price : Close


Notes:
Developed by Dr Alexander Elder, the Elder-ray indicator measures buying
and selling pressure in the market. The Elder-ray is often used as part
of the Triple Screen trading system but may also be used on its own.
Dr Elder uses a 13-day exponential moving average (EMA) to indicate the
market consensus of value. Bear Power measures the ability of sellers to
drive prices below the consensus of value. Bear Power reflects the ability
of sellers to drive prices below the average consensus of value.
Bull Power is calculated by subtracting the 13-day EMA from the day's High.
Bear power subtracts the 13-day EMA from the day's Low.


Download File:
ERBearPower.efs



EFS Code:

/*********************************
Provided By:  
    eSignal (Copyright c eSignal), a division of Interactive Data 
    Corporation. 2008. All rights reserved. This sample eSignal 
    Formula Script (EFS) is for educational purposes only and may be 
    modified and saved under a new file name.  eSignal is not responsible
    for the functionality once modified.  eSignal reserves the right 
    to modify and overwrite this EFS file with each new release.
   

Description:        
    Elder Ray (Bear Power)

Version:            1.0  12/03/2008

Formula Parameters:                     Default:
    Length                                  13
    Price                                 Close

Notes:
    Developed by Dr Alexander Elder, the Elder-ray indicator measures buying 
    and selling pressure in the market. The Elder-ray is often used as part 
    of the Triple Screen trading system but may also be used on its own.
    Dr Elder uses a 13-day exponential moving average (EMA) to indicate the 
    market consensus of value. Bear Power measures the ability of sellers to 
    drive prices below the consensus of value. Bear Power reflects the ability 
    of sellers to drive prices below the average consensus of value.
    Bull Power is calculated by subtracting the 13-day EMA from the day's High. 
    Bear power subtracts the 13-day EMA from the day's Low.

**********************************/

var fpArray = new Array();
var bInit = false;

function preMain() {
    setPriceStudy(false);
    setStudyTitle("ER Bear Power");
    setCursorLabelName("ER Bear Power");
    setPlotType(PLOTTYPE_HISTOGRAM);
    addBand(0, PS_SOLID, 1, Color.black);

    var x=0;
    fpArray[x] = new FunctionParameter("Length", FunctionParameter.NUMBER);
    with(fpArray[x++]){
        setLowerLimit(1);        
        setDefault(13);
    }

    fpArray[x] = new FunctionParameter("Price", FunctionParameter.STRING);
    with(fpArray[x++]){
        addOption("open"); 
        addOption("high");
        addOption("low");
        addOption("close");
        addOption("hl2");
        addOption("hlc3");
        addOption("ohlc4"); 
        setDefault("close"); 
    }
}
var DayLow = null;
var DayLow_1 = null;
var xPrice = null;
var xMA = null;

function main(Price, Length) {
var nState = getBarState();

    if (nState == BARSTATE_ALLBARS) {
        if (Price == null) Price = "close";
        if (Length == null) Length = 13;
    }

    if ( bInit == false ) { 
        xPrice = eval(Price)();
        xMA = ema(Length, xPrice);
        bInit = true; 
    } 

    if(getBarState()==BARSTATE_NEWBAR) DayLow_1 = DayLow;

    if (day(0) != day(-1)) {
        DayLow = low(0);
    }else{
        DayLow = Math.min(low(0), DayLow_1)
    }

    return DayLow - xMA.getValue(0);
}