Elder Ray
Elder Ray in Amibroker might refer to an indicator or system developed by Dr. Alexander Elder. Utilizing the Amibroker data feed, this tool aids traders in analyzing market trends and potential reversals based on Ray analysis.
/GraphXSpace = 3;
_SECTION_BEGIN("Bear Power EMA");
Lookback = Param ("EMA Lookback", 13,1,50,1);
BearPower = Low - EMA(Close,Lookback);
Plot (BearPower, "Bear Power("+Lookback +")", ParamColor ("Color", colorRed), styleHistogram );
_SECTION_END();
_SECTION_BEGIN("Bull Power EMA");
Lookback = Param ("EMA Lookback",13,1,50,1);
BullPower = High - EMA(Close,Lookback);
Plot (BullPower, "Bull Power("+Lookback +")", ParamColor ("Color", colorGreen), styleHistogram | styleThick );
_SECTION_END();