How to Add Bears Power Indicator on MetaTrader 4 Charts
Step 1: Open Navigator Window Panel on Platform
Open Navigator panel as shown and portrayed below: Go to "View" menu (click on it), then choose "Navigator" window (click), or From Standard ToolBar click "Navigator" button or press keyboard shortcut keys "Ctrl+N"
On Navigator panel, select 'Indicators', (Double-Click)
How Do I Add Bears Power Indicator on MetaTrader 4 - 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 chart indicator from this list of indicators so as to add the Bears Power indicator on the chart.
How Do I Add Bears Power Indicator - From the Above window you can then place Bears Power indicator that you want on the chart
How to Add Custom Bears Power Indicator to MT4
If the 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 platform & then compile custom Bears Power indicator so that the newly added Bears Power custom indicator pops up on the list of custom indicators in MT4 platform.
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 MetaTrader 4.
About Bears Power Technical Indicator Tutorial Explained
Bears Power Analysis and Bears Power Signals
Developed by Alexander Elder
Bears Power is used to estimate 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 four parameters: the Opening, Closing, High and Low of the price bar.
Every Price bar either closes higher or closes lower than previous bar.
The highest price will mark & show the max power of the Bulls within a price period.
The lowest price will mark and show the max power of the Bears within a price period.
This technical indicator uses the Low of the price & a Moving Average (Exponential MA)
The moving Average illustrates the middle ground between sellers & buyers for a certain price period.
Therefore:
Bears Power = Low Price - EMA
Technical Analysis and Generating Signals
Sell Signal
A sell signal is generated when oscillator moves below Zero.
In a down trend, the LOW is lower than EMA, so the indicator is below zero and Histogram is located below zero line.
Exit Signal
If the LOW moves above the EMA then it means that the prices are beginning to rise, the histogram rises above the zero line.
The Triple Screen technique for this indicator suggests spotting the price trend on a higher chart timeframe interval (like daily time frame) and applying the bears power signals on a lower chart timeframe 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.
