How to Set MetaTrader 5 Bulls Power on MetaTrader 5 Charts
Step 1: Open MT5 Navigator Window
Open MT5 Navigator panel as presented on the MT5 illustration put on display below: Go to 'View' menu (click), then select the 'Navigator' window panel (click), or From Standard Toolbar click 'Navigator' button or press key board MetaTrader 5 shortcut keys 'Ctrl+N'
On the MT5 Navigator window, choose and select "Indicators", by DoubleClick
How Do You Use MT5 Bulls Power in the MT5?
How to Set Bulls Power MT5 Indicator
Expand this menu by clicking the open button " + " or double-click the 'indicators' menu, after which this particular button will be shown as (-) & will now display MetaTrader 5 indicators list as presented on the MT5 illustration below - select the Bulls Power from this list of MT5 indicators so that as you as a trader can add the Bulls Power MT5 indicator in the MT5 forex chart.
How Do You Use MetaTrader 5 Bulls Power on the MT5 Platform?
How to Add Custom Bulls Power on MT5 Platform
If the MT5 indicator that you want to add in the MT5 charts is a custom MetaTrader 5 indicator - for example if the Bulls Power that you want to add is a custom MT5 indicator you will need to first add this custom Bulls Power MT5 indicator in the MT5 software & then compile custom Bulls Power so that as the newly added Bulls Power MT5 custom indicator pops up on the list of custom indicators in the MetaTrader 5 software.
To learn how to add Bulls Power indicators on MT5 software - how do you place Bulls Power panel to MT5 software? - how do you place Bulls Power custom indicator on MetaTrader 5 software? - How to add custom Bulls Power custom indicator on the MT5.
How Do You Use Bulls Power MT5 Indicator?
Bulls Power Analysis Buy & Sell Signals
Created and Developed by Alexander Elder
Bulls Power is used to estimate power of the Bulls (Forex Buyers). Bulls Power measures the balance of power between the bulls & bears.
Bulls Power aims at identifying if a bullish trend will continue or if the price has reached a level where it might reverse.
Calculation of Bulls Power Indicator
A Price Candlestick 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 the previous and prior price bar.
The highest price will signal the maximum power of the Bulls within a trading period.
The lowest price will signal the maximum power of the Bears within a trading period.
Bulls Power uses the High of the price and a Moving Average MA (Exponential MA)
The moving average is used to represent the middle ground between sellers and buyers for a certain price period.
Therefore:
Bulls Power = High Price - EMA
How Do I Add MT5 Bulls Power on MetaTrader 5 Charts
How to Generate Buy and Sell Signals
FX Buy Trading Signal
A buy trade signal is generated/derived when the Bulls Power oscillator indicator moves above Zero center-line mark.
In an upward trend - the Price HIGH is higher than EMA forex indicator - so the Bulls Power is above zero and the Histogram is located above zeroline.
Bulls Power Buy Trade Signal
Exit Signal
If the Price HIGH falls below the EMA forex indicator then it means that prices are starting to fall and the Bulls Power histogram will start to fall below the zero center line.
The Triple Screen method for trading this Bulls Power suggests identifying the price trend on a higher chart time frame (like daily time frame) & applying the Bulls Power trading indicator signal on a lower chart time frame (like hourly time frame). Bulls Power signals are traded according to the Bulls Power - but only in direction of the long term trend in the higher chart timeframe.
How Do You Use MT5 Bulls Power on the MT5?
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