How To Use The Bulls Power And Bears Power Indicators|Simple Forex Trading Strategies
Calculating Bears and Bulls Power Indicators
The starting point is always the point of comparison, which is an EMA of the price. The value recommended by Elder was a 13-day EMA of closing prices. Elder argued that the high price of a bar represents the upper extent of bullish strength, and that comparing this level to the EMA provides a general yardstick of bullishness. In other words:

Bulls Power = High - EMA
Likewise, the low price of a bar represents the maximum extent of bearish strength in that period. By comparing the low to the EMA, it provides us a measure of general bearish strength in the market. In other words:

Bears Power = Low - EMA
More often than not, we would expect the high of a period to be higher than the 13-day EMA. At such times, Bull Power is positive. Sometimes, however, the high of a period may drop below the EMA, and at such times, Bull Power turns negative.

In the same vein, we would more often than not expect the low of a period to be below the 13-day EMA. At such times, Bear Power is negative. There will be occasions, however, when the low rises above the 13-day EMA; and when this happens, Bear Power becomes positive.
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