How to Add Bears Power Indicator in MT4 Charts
Step 1: Open Navigator Window Panel on CFD Trading Software
Open Navigator window panel as illustrated below: Navigate to 'View' menu (click on it), then select 'Navigator' window panel (click), or From Standard Toolbar click the 'Navigator' button key or press keyboard shortcut key 'Ctrl+N'
On Navigator window, choose 'Technical Indicators', (Double-Click)
How to Add Bears Power Indicator in MT4 - MT4 Bears Power Technical Indicator
Step 2: Expand the Indicators Menu on the Navigator - Adding Bears Power MT4 Indicator
Expand the menu by clicking the expand button marker (+) or double click the 'indicators' menu, after this the button will appear as (-) and will now display a list as shown below - select the Bears Power cfds chart indicator from this list of cfds indicators so as to add the Bears Power indicator on the cfd chart.
How to Add Bears Power Indicator - From the Above window you can then place Bears Power indicator that you want on the CFDs chart
How to Add Custom Bears Power Indicator to MT4
If the technical indicator you want to add is a custom indicator - for example if the Bears Power technical indicator you want to add is a custom indicator you will need to first add this custom Bears Power indicator on the MetaTrader 4 software & then compile the custom Bears Power indicator so that the newly added Bears Power custom indicator pops up on the list of custom indicators in MetaTrader 4 software.
To learn how to install Bears Power indicators on MT4, how to add Bears Power indicator window to MT4 and how to add Bears Power custom indicator in MT4 - How to add a custom Bears Power indicator in MT4.
About Bears Power Technical Indicator Tutorial Explained
Bears Power Technical Analysis and Bears Power Trading Signals
Developed by Alexander Elder
Bears Power is used to estimate power of the Bears (Sellers). Bears Power estimates the balance of power between the bulls & bears.
This indicator aims at identifying if a bearish trend will continue or if the price has reached a point where it might reverse.
Calculation
A CFDs Price bar has 4 parameters: the Opening, Closing, High and Low of the price bar.
Each Price bar either closes higher or lower than previous price bar.
Highest price will show the maximum power of the Bulls within a trading price period.
The lowest price will show the maximum power of the Bears within a price period.
This technical indicator uses the Low of the price and a Moving Average (Exponential)
The moving Average represents the middle ground between sellers & buyers for a certain price period.
Therefore:
Bears Power = Low Price - Exponential Moving Average
CFDs Trading Technical Analysis & How to Generate Trading Signals
Sell Trading Signal
A sell trading signal is generated when oscillator moves below Zero.
In a down trend, the LOW is lower than EMA, so the indicator is below zero & Histogram/Oscillator is located below zero line.
Exit Trading Signal
If the LOW moves above the EMA then it means that price are starting to rise, the histogram rises above the zero line.
The Triple Screen technique for this indicator suggests identifying the price trend on a higher chart interval (like daily time frame) and applying the bears power signals on a lower chart interval (like hourly time frame). Signals are traded according to the lower time frame but only in the direction of the long term trend in the higher chart time frame.
