Elder Ray Average

ElderRayAvg.efs  
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File Name: ElderRayAvg.efs

Description:
Elder Ray Average

Formula Parameters:

• Length: 13
• Price Data To Use: Close

Notes:

Dr Elder uses a 13-day exponential moving average (EMA) to indicate the market consensus of value. Bull Power measures the ability of buyers to drive prices above the consensus of value. Bear Power reflects the ability of sellers to drive prices below the average consensus of value.

Download File:
ElderRayAvg.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 Average

Version:            1.0  09/23/2008

Notes:
    Dr Elder uses a 13-day exponential moving average (EMA) to indicate
    the market consensus of value. Bull Power measures the ability of
    buyers to drive prices above the consensus of value. Bear Power
    reflects the ability of sellers to drive prices below the average
    consensus of value. 
   

Formula Parameters:                     Default:
    Length                                  13
    Price Data To Use                      Close
**********************************/


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


function preMain() {
    setPriceStudy(true);
    setStudyTitle("Elder Ray Average");
    setCursorLabelName("Average", 0); 
    setDefaultBarFgColor(Color.blue, 0);
    setPlotType(PLOTTYPE_LINE,0);
    setDefaultBarThickness(1,0);

   

    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++]){
        setName("Price Data To Use");
        addOption("open"); 
        addOption("high");
        addOption("low");
        addOption("close");
        addOption("hl2");
        addOption("hlc3");
        addOption("ohlc4"); 
        setDefault("close"); 
    }
}

var xMyPrice = null;
var xXA = null;


function main(Length, Price) {
    var  nXA = 0;

    if (Price == null) Price = "close";
    if (Length == null) Length = 13;

    if ( bInit == false ) { 
        xMyPrice = eval(Price)();
        xXA = ema(Length, xMyPrice);
        bInit = true; 
    } 

    nXA = xXA.getValue(0);

    return nXA;
}