How to Add Bulls Power Indicator in MT4 Charts
Step 1: Open Navigator Window on CFD Trading Software
Open Navigator panel as shown and illustrated below: Navigate to "View" menu (click on it), then select "Navigator" window (click), or From Standard Toolbar click the "Navigator" button or press key-board short-cut keys "Ctrl+N"
On Navigator window, select 'Technical Indicators', (Double-Click)
How to Add Bulls Power Indicator in MT4 - MT4 Bulls Power Technical Indicator
Step 2: Expand the Indicators Menu on the Navigator - Adding Bulls 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 Bulls Power cfds chart indicator from this list of cfds indicators so as to add the Bulls Power indicator on the cfd trading chart.
How to Add Bulls Power Indicator - From the Above window you can then place Bulls Power indicator that you want on the CFDs chart
How to Add Custom Bulls Power Indicator to MT4
If the technical indicator you want to add is a custom indicator - for example if the Bulls Power technical indicator you want to add is a custom indicator you will need to first add this custom Bulls Power indicator on the MT4 software & then compile the custom Bulls Power indicator so that the newly added Bulls Power custom indicator appears on the list of custom indicators on the MT4 platform.
To learn how to install Bulls Power indicators on MT4, how to add Bulls Power indicator window to MT4 and how to add Bulls Power custom indicator on MetaTrader 4 - How to add a custom Bulls Power indicator in MT4.
About Bulls Power Technical Indicator Tutorial Explained
Bulls Power Technical Analysis and Bulls Power Trading Signals
Developed by Alexander Elder
Bulls Power is used to estimate power of the Bulls (Buyers). Bulls Power estimates the balance of power between the bulls and bears.
This indicator aims at identifying if a bullish trend will continue or if the price has reached a point where it may 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.
The highest price will show the maximum power of the Bulls within a price period.
The lowest price will show the maximum power of the Bears within a price period.
This Indicator uses the High of the price and a Moving Average (Exponential)
The moving Average represents the middle ground between sellers and buyers for a certain price period.
Therefore:
Bulls Power = High Price - Exponential Moving Average
Bulls Power
CFDs Technical Analysis & Generating Trading Signals
Buy Trading Signal
A buy trading signal is generated when the Bulls Power oscillator moves above Zero.
In an up trend, the HIGH is higher than EMA, so the Bulls Power is above zero and Histogram/Oscillator is located above zero line.
Exit Trading Signal
If the HIGH falls under EMA then it means that price are starting to fall, the Bulls Power histogram fall below 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 bulls power on a lower chart interval (like hourly time frame). Signals are traded according to the indicator but only in the direction of the long term trend in the higher time frame.
