Introducing the Total Power Indicator for MetaTrader 5 — a powerful tool built on two classic indicators: Bear Power and Bull Power. This handy indicator evaluates the number of bullish and bearish bars over a specified look-back period, providing a proportional index for bears, bulls, and the overall market power (calculated as the absolute difference between bullish and bearish activity) for the current bar. By doing so, it offers continuous lines depicting the average bear and bull power, addressing the main downside of the traditional Bear/Bull Power indicators — the absence of long-term insight. Initially developed for MetaTrader 4 by Daniel Fernandez from Asirikuy in 2011, the MT5 version is now at your fingertips!
Input Parameters
- Lookback Period (default = 45) — This is the main period for the indicator, determining how many bars back we look to identify bull or bear dominance.
- Power Period (default = 10) — This sets the period for the original Bear Power and Bull Power indicators.
- AlertOn100Power (default = false) — If set to true, you'll receive an alert when either Bull or Bear Power hits level 100, signaling a strong overbought/oversold condition and often hinting at potential trend reversals.
- AlertOnCrossover (default = false) — Set to true to get alerts when the Bull and Bear Power lines cross.
- EnableNativeAlerts (default = false) — If activated (set to true), you'll receive a native MetaTrader popup alert for the above two conditions.
- EnableEmailAlerts (default = false) — When set to true, you'll get an email notification if an alert condition triggers. Just ensure your email settings are configured in MetaTrader under Tools -> Options -> Email.
- EnablePushAlerts (default = false) — Enable this (set to true) to receive push notifications on your mobile device, provided your settings are configured under Tools -> Options -> Notifications.
- TriggerCandle (default = Previous) — This determines which candle will issue alerts: Previous for the most recently closed candle, or Current for the ongoing candle.
The Total Power Indicator functions like other oscillator indicators:
- A reliable entry method, although not frequently, is to wait for the Bull or Bear line to hit 100 and then enter a reversal trade.
- You can also take trades based on the crossover of the Bear and Bull lines. If the Bull line is above, it’s time to go long; if the Bear line is on top, consider going short.
- The crossover of the Bull or Bear line with the Total line can serve as a conservative exit point for your trades.
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