Elder Ray (Bear Power) – EFS

ERBearPower.efs

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  12/03/2008Formula Parameters:                     Default:    Length                                  13    Price                                 CloseNotes:    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);}