How to Set Bears Power on MT4 Charts

Step 1: Open Navigator Panel on Platform Software

Open the Navigator window like as shown and portrayed below: Go to the "View" menu (click on it), then choose/select the "Navigator" panel window (click), or From Standard Tool Bar click "Navigator" button or press key board shortcut keys "Ctrl+N"

On Navigator panel, choose 'Indicators', (Double-Click)

How to Set Bears Power in MT4 Platform - MT4 Bears Power - How Do You Use Bears Power in Forex?

How Do I Add Bears Power in the MT4 Software - MT4 Bears Power Indicator

Step 2: Expand the Indicators Menu on the Navigator - Adding Bears Power MT4 Indicator

Expand the menu by clicking the open(+) button tool initial "+" or doubleclick the "indicators" menu, and after that this button will be shown as (-) & will now display a list as is illustrated and shown below - choose the Bears Power chart indicator from this list of indicators so that to add the Bears Power on the chart.

How to Set Bears Power on a Chart - How to Use Bears Power Indicator

How Do I Add Bears Power - From the Above window you as a trader can then place Bears Power that you want on the chart

How to Set Custom Bears Power to MT4

If the indicator you want to add is a custom indicator - for example if the Bears Power you as a trader want to add is a custom indicator you will need to first add this custom Bears Power on the MetaTrader 4 software & then compile the custom Bears Power so that the newly added Bears Power custom indicator pops up on the list of custom indicators in MT4 software.

To learn and know how to install Bears Power indicators on MT4 Platform, how to add Bears Power window to MT4 and how to add Bears Power custom indicator in the MT4 Software - How to add a custom Bears Power on MT4 Platform.

About Bears Power Tutorial Explained

Bears Power Analysis and Bears Power Signals

Developed by Alexander Elder

Bears Power is used to determine the power of the Bears (Sellers). Bears Power measures the balance of power between the bulls and bears.

This indicator aims at identifying if a bearish trend will continue or if the price has reached a point where it may reverse.

Calculation

A Currency Price bar has 4 parameters: the Opening, Closing, High and Low of the price bar.

Every bar either closes higher or closes lower than the prior price bar.

The highest price will mark and show the maximum power of the Bulls(Buyers) within a trading period.

The lowest price will mark and show the maximum power of the Bears(Sellers) within a trading period.

This technical indicator uses the Low of the price & a Moving Average MA (Exponential MA Moving Average)

The moving average illustrates the middle ground between sellers and buyers for a certain price period.

Hence:

Bears Power = Low Price - EMA

Bears Power - How Do You Use Bears Power Indicator?

Technical Analysis and Generating Signals

Sell Trade Signal

A sell trading signal gets generated/derived when the oscillator trading moves below Zero.

In a downtrend, the LOW is lower than EMA, so the indicator is below zero and Histogram is located below zero mark.

How Do I Use Bears Power Indicator? - How to Set Bears Power on MT4 Charts

Exit Signal

If the LOW crosses above the EMA it then means that the prices are starting to rise, the histogram rises above the zero mark.

How Do I Use Bears Power Indicator?

The Triple Screen technique for this technical indicator suggests spotting the price trend on a higher chart time frame interval (like daily time frame) and applying the bears power signals on a lower chart time frame interval (like hourly time frame). Signals are transacted in accordance to the lower timeframe but only in the direction of the long term trend in the higher chart time frame.

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