====== Bulls/Bears Power ======

This indicator is developed by Dr. Alexander Elder and is called also the Elder-Rays. The primary principles on which Elder based the oscillator are the following:

  * The highest price displays the maximum buyer’s power within the day. 
  * The lowest price displays the maximum seller’s power within the day. 
  * The moving average can be construed as a price agreement between buyers and sellers for a given time period.

**Bull Power** is calculated by subtracting the 13-periods EMA from the High price.

**Bear Power** is calculated by subtracting the 13-periods EMA from the Low price.

According to Dr. Elder, this indicator generates the following trading signals:

__Buying Conditions:__

//Essential//

1. Prices are trending upwards according to the 13-periods exponential moving average

2. Bear Power is negative, but rising

//Optional//

3. The latest Bull Power peak is higher than its previous peak

4. Bear Power is rising from a bullish divergence

__Selling Conditions:__

//Essential//

1. Prices are trending downwards according to the 13-periods exponential moving average

2. Bull Power is positive, but declining

//Optional//

3. The latest Bear Power trough is lower than its previous trough

4. Bull Power is declining from a bearish divergence

{{:trading:bulls_bears_power.png?nolink|}}