How to Add Bulls Power Indicator on MetaTrader 4 Charts
Step 1: Open Navigator Window on FX Trading Platform
Open Navigator window as shown & illustrated below: Go to 'View' menu (click on it), then select 'Navigator' window (click), or From Standard Tool Bar click the 'Navigator' button or press keyboard short cut keys 'Ctrl+N'
On Navigator window, choose 'Indicators', (Double-Click)
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 forex chart indicator from this list of forex indicators so as to add the Bulls Power indicator on the forex chart.
How to Add Bulls Power Indicator - From the Above window you can then place Bulls Power indicator that you want on the Forex 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 platform & then compile custom Bulls Power indicator so that the newly added Bulls Power custom indicator pops up on the list of custom indicators in MetaTrader 4 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 Technical Indicator Tutorial Explained
Bulls Power Technical Analysis and Bulls Power Signals
Created by Alexander Elder
Bulls Power is used to estimate power of the Bulls (Buyers). Bulls Power estimates the balance of power between the bulls & bears.
This indicator aims at identifying if a bullish trend will continue or if the price has reached a point where it might reverse.
Calculation
A Currency 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 signify and show the maximum power of the Bulls within a price period.
The lowest price will signify and 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
FX Technical Analysis & How to Generate Signals
Buy Trading Signal
A buy trading signal is generated when Bulls Power oscillator moves above Zero.
In an up trend, the HIGH is higher than EMA, so the Bulls Power is above zero & Histogram/Oscillator is located above zero line.
Exit Forex 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 direction of the long term trend in the higher time frame.
