Elder Ray Bull Bear
Elder Ray Bull Bear in Amibroker assesses bullish and bearish forces in the market. Leveraging the Amibroker data feed, this indicator provides insights into the strength and direction of market trends.
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//
// I have constructed it in color and joined the two lines together instead.
// Violet = Bull, Orange = Bear.
//
// If im not wrong, Dr. Elder's teaching goes like this:
//
// In uptrends, use Elder Ray-Bull(Violet)
//
// In Downtrends, use Elder Ray-Bear(Orange)
//
// Pls correct me if im wrong.
//
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_SECTION_BEGIN("Elder Ray");
ERayBull= High - EMA(Close,13);
ERayBear= Low - EMA(Close, 13);
Plot(ERayBull,"Elder Bull", colorViolet, styleHistogram|styleThick);
Plot(ERayBear,"Elder Bear", colorOrange, styleHistogram|styleThick);
_SECTION_END();