How to Add Bulls Power Indicator on MetaTrader 4 Charts
Step 1: Open Navigator Window on Forex Software
Open Navigator panel as shown and illustrated below: Go to 'View' menu (click on it), then select 'Navigator' panel (click), or From Standard Tool Bar click the 'Navigator' button or press keyboard shortcut keys 'Ctrl+N'
On Navigator panel, choose 'Indicators', (DoubleClick)
How to Add Bulls Power Indicator on MetaTrader 4 - MT4 Bulls Power 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 chart indicator from this list of indicators so as to add the Bulls Power indicator on the chart.
How to Add Bulls Power Indicator - From the Above window you can then place Bulls Power indicator that you want on the chart
How to Add Custom Bulls Power Indicator to MetaTrader 4
If the indicator you want to add is a custom indicator - for example if the Bulls Power indicator you want to add is a custom indicator you will need to first add this custom Bulls Power indicator on the MT4 platform & then compile custom Bulls Power indicator so that the newly added Bulls Power custom indicator pops up on the list of custom indicators on MT4 trading software.
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 in MT4 - How to add a custom Bulls Power indicator in MetaTrader 4.
About Bulls Power Indicator Tutorial Explained
Bulls Power Indicator Analysis and Bulls Power Indicator Signals
Created by Alexander Elder
Bulls Power is used to measure power of the Bulls (Buyers). Bulls Power estimates the balance of power between the bulls & bears.
This technical indicator tries to spotting if a bullish trend will continue or if the trading price has reached a point where it might reverse.
Calculation
A Currency Price bar has 4 parameters: the Opening, Closing, High & Low of the price bar.
Every Price bar either closes higher or closes lower than previous price bar.
The highest price will mark and 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 High of the price and a Moving Average (Exponential Moving Average)
The moving Average illustrates the middle ground between sellers & buyers for a certain price period.
Therefore:
Bulls Power = High Price - Exponential MA
Bulls Power
Forex Analysis & How to Generate Signals
Buy Trade Signal
A buy signal is generated when Bulls Power oscillator moves above Zero.
In an upwards trend, the HIGH is higher than EMA, so the Bulls Power is above zero & Histogram Oscillator is located above zeroline.
Exit Signal
If the HIGH falls under Exponential Moving Average then it means that the prices are beginning to drop, the Bulls Power histogram falls below zeroline.
The Triple Screen technique for this technical indicator suggests that spotting the price trend on a higher chart time-frame interval (like daily chart timeframe) and applying the bulls power on a lower chart time-frame interval (like hourly chart timeframe). Signals are traded according to the indicator but only in direction of the long term trend in the higher chart timeframe.
