The total Power Indicator (MetaTrader forex indicator) — is based on the two standard indicators — Bear Power and Bull Power. The forex indicator calculates how many bullish and bearish bars were there during a given lookback period. It then calculates the current bar’s proportional index for bears, bulls, and total (calculated as the absolute difference between bulls and bears). This way, we always get continuous lines of the relative average bear and bull power indicator over a period, removing the disadvantage of the original Bear/Bull Power forex indicators — the lack of a long-term perspective. Daniel Fernandez of Asirikuy.com created the original MetaTrader 4 version of Total Power Indicator in 2011. The version for forex MT5 is now also available.
- Lookback Period (main default = 45) — the main period of the indicator. Determines the number of chart bars to look back to count the bear/bull-dominated ones.
- Power Period (default = 10) — the original Bear Power and Bull Power indicators period.
- AlertOn100Power (main default = false) — if true, an alert will be issued when either Bull or Bear Power indicator reaches level 100. This is a strong overbought/oversold entry signal, often preceding trend reversals.
- AlertOnCrossover (main default = false) — if true, an alert will be issued when Bull and Bear Power lines cross each other.
- EnableNativeAlerts (main default = false) — if true, will use a native MetaTrader popup alert for any of the above two conditions.
- EnableEmailAlerts (default = false) — if true, will send an email message on an alert condition. Should properly configure Email in MetaTrader via Tools->Options->Email.
- EnablePushAlerts (default = false) — if true, will send an email message on an alert condition. Notifications should be correctly configured in forex MetaTrader 4 via Tools->Options->Notifications.
- TriggerCandle (main default = Previous) — the candle to issue alerts on Previous — the most recently closed chart candle or Current — the yet unfinished candle.
Example and forex strategy
The Total Power forex Indicator works similarly to other oscillator-type indicators:
- One of the most surefire entry methods, albeit rare, is to wait for either Bull or Bear line to reach the value of 100 and enter a reversal trade.
- Can also use The crossover of the Bear and Bull lines to enter trades. If the Bull line resulted above — go long; if the Bear line is now above — go short.
- Can use The crossover of the Bull or Bear line with the Total line for a conservative exit from a trade.
Total Power Forex Indicator Download
Warning! If you do not know how to set up this indicator, please read the MetaTrader Indicators Tutorial.
Do you have any more suggestions or questions regarding this forex indicator? You can always discuss the Total Power Indicator with the other traders and MQL programmers on the indicators forums.