How to Add MT5 Bulls Power Indicator on MT5 Charts
Step 1: Open MetaTrader 5 Navigator Window
Open MetaTrader 5 Navigator panel as explained on the MT5 example below: Go to 'View' menu (click), then select the 'Navigator' window (click), or From Standard Tool Bar click 'Navigator' button or press keyboard MT5 short cut keys 'Ctrl+N'
On MT5 Navigator window, choose "Indicators", by DoubleClick
How Do I Use MT5 Bulls Power Indicator in MetaTrader 5?
How to Add Bulls Power MT5 Indicator
Expand the menu by clicking the expand button (+) or double click the 'indicators' menu, after this the button will be displayed as (-) and will now display MT5 indicators list as explained on the MT5 example below - select the Bulls Power technical indicator from this list of MT5 indicators so that you can add the Bulls Power MT5 indicator in the MT5 forex chart.
How Do I Use MT5 Bulls Power Indicator on MT5?
How to Place Custom Bulls Power Indicator in MetaTrader 5
If the MT5 indicator that you want to add on the MT5 charts is a custom MT5 indicator - for example if the Bulls Power technical indicator 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 platform & then compile custom Bulls Power technical indicator so that the newly added Bulls Power MT5 custom indicator pops up on the list of custom indicators in the MetaTrader 5 platform.
To learn how to add Bulls Power indicators on MT5 software - how do you add Bulls Power indicator window to MT5 software? - how do you add Bulls Power custom indicator on MT5 software? - How to add custom Bulls Power custom indicator on MT5.
How Do You Use Bulls Power MT5 Indicator?
Bulls Power Technical 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 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 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 and a Moving Average (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 MetaTrader 5 Bulls Power Indicator on MT5 Charts
How to Generate Buy and Sell Signals
FX 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 forex indicator - so the Bulls Power indicator is above zero and the Histogram is located above zeroline.
Bulls Power Indicator Buy 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 indicator histogram will start to fall below the 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) & 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 chart time-frame.
How Do You Use MT5 Bulls Power Indicator on MT5?
