How Do You Use Bulls Power MT4 Indicator?
Bulls Power Indicator Analysis Buy & Sell Signals
Created by Alexander Elder
Bulls Power indicator is used to estimate power of the Bulls (Forex Buyers). Bulls Power indicator estimates the balance of power between the bulls and bears.
Bulls Power indicator aims at identifying if a bullish trend will continue or if the price has reached a level where it may reverse.
Calculation of Bulls Power Indicator
A Price Candle bar has 4 parameters: the Opening Price, Closing Price, High Price & Low Price on the price bar.
Each Price bar either closes higher or lower than previous price bar.
The highest price will signal the maximum power of the Bulls within a price period.
The lowest price will signal the maximum power of the Bears within a price period.
Bulls Power indicator uses the High of the price & a MA (Exponential MA)
The MA is used to represent the middle ground between sellers and buyers for a certain price period.
Therefore:
Bulls Power = High Price - Exponential MA
How to Add MT4 Bulls Power Indicator in Meta Trader 4 Charts
How to Generate Buy & Sell Signals
Buy Signal
A buy signal is generated when the Bulls Power indicator oscillator moves above Zero centerline mark.
In an upwards trend - the Price HIGH is higher than EMA indicator - so the Bulls Power indicator is above zero and the Oscillator is located above the zero-line.
Bulls Power Indicator Buy Signal
Exit Signal
If the Price HIGH falls below the EMA indicator then it means that the prices are starting to fall and the Bulls Power indicator histogram will begin to fall below zero center line.
The Triple Screen method for trading this Bulls Power indicator suggests identifying the price trend on a higher chart timeframe (like daily time frame) and applying the Bulls Power indicator signal on a lower chart time-frame (like hourly time frame). Bulls Power indicator signals are traded according to the Bulls Power indicator - but only in direction of the long term trend in the higher trading timeframe.
How to Add MT4 Bulls Power Indicator in Meta Trader 4 Charts
Step 1: Open MetaTrader 4 Navigator Panel
Open MetaTrader 4 Navigator panel as illustrated below: Go to 'View' menu (click), then select 'Navigator' window (click), or From Standard Tool Bar click 'Navigator' button or press keyboard MT4 short cut keys 'Ctrl+N'
On MT4 Navigator window, choose "Indicators", by DoubleClick
How Do I Use MT4 Bulls Power Indicator?
How to Add Bulls Power MetaTrader 4 Indicator
Expand the menu by clicking the expand button (+) or double click the 'indicators' menu, after this the button will appear as (-) and it will then display a list of MT4 indicators as shown below - choose the Bulls Power indicator from this list of MT4 indicators so that you can add the Bulls Power MT4 indicator on the MT4 chart.
How Do I Use MetaTrader 4 Bulls Power Indicator?
How to Install and Place Custom Bulls Power Indicator Meta Trader 4
If the MT4 indicator that you want to add on the MT4 charts is a custom MetaTrader 4 indicator - for example if the Bulls Power indicator that you want to add is a custom MT4 indicator you will need to first add this custom Bulls Power MT4 indicator on the MT4 platform and then compile this custom Bulls Power indicator so that this newly added Bulls Power MT4 custom indicator appears on the custom indicators list on the MetaTrader 4 platform.
To learn how to add Bulls Power indicators on MT4 platform - how do you add Bulls Power indicator window to MT4 platform? - how do you add Bulls Power custom technical indicator in MT4? - How to add a custom Bulls Power custom indicator on MetaTrader 4.
How Do You Use MT4 Bulls Power Indicator?
