Total Power Indicator

Category: momentum, trend

A derivation of Elder-Ray indicators that calculates the percentage of bars within a lookback period where bulls or bears were dominant, providing relative trend strength and exhaustion signals.

Formula

BullPower = (\sum_{i=0}^{Lookback-1} [BullsPower(i) > 0]) / Lookback \times 100 \\ BearPower = (\sum_{i=0}^{Lookback-1} [BearsPower(i) < 0]) / Lookback \times 100 \\ TotalPower = |BullPower - BearPower| \times 100 / Lookback

Inputs

• Lookback_Period (default: 45)
• Power_Period (default: 10)
• AlertOn100Power (default: false)
• AlertOnCrossover (default: false)

See signal primitives and every published strategy that uses Total Power Indicator on WOBR StrategyVerse.