Total Power Indicator MT5 - MetaTrader 5 Script | Forex Indicator Download - MetaTrader 5 Resource
Total Power indicator (MetaTrader indicator) — based on two standard indicators — Bear power and bull power . The indicator calculates how many bullish and bearish bars there were in a given lookback period and then calculates the ratio index of shorts, longs and total (calculated as the absolute difference between longs and shorts) for the current bar. This way we get a continuous line of relative average bear and bull power over time, eliminating the main shortcoming of the original bear/bull power indicator - the lack of a long-term perspective. The original MetaTrader 4 version of Total Power Indicator was created by Daniel Fernandez asilikuy In 2011, the MT5 version is now available.
The total power indicator works similarly to other oscillator type indicators:
Attachment download
📎totalpowerindicator.mq5 (6.79 KB)
Source: MQL5 #55519
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