Elder-Rays

Hi Everyone,

Does anyone know where I can find the Elder-Rays indicator? It's listed in the user guide but I can't find it in the application.

Does anyone have the script?

Thanks

Max

The Elder-ray is NOT an indicator. It's a template. You have to combine 3 indicators:

1) Plot a 13 EMA on the instrument's chart
2) Calculate Bulls Power as a histogram and plot it underneath the main chart
3) Calculate Bears Power as histogram and plot it at the bottom

1) Best buy signal is given by bullish divergence when prices fall to new lows but Bear Power stops at a more shallow bottom

2) Best shorting signal is given by bearish divergence when prices rise to a previous high but Bull Power reaches a lower peak.

Thought you might wanna know.

Max

Here is my Elder-Ray template.

Good Luck

Thanks