Bull's Power Indicator Strategies and MQL5 Trading System Design
Summary
This article introduces Bull's Power, an oscillator attributed to Alexander Elder and calculated as the period high minus an exponential moving average. It interprets positive readings as evidence of bullish pressure and a decline toward zero as weakening pressure. The author presents three basic uses: tracking whether the indicator is rising or falling, comparing its movement with price highs to label strong moves or bearish divergence, and combining its sign with price relative to an EMA to generate buy or sell signals.
The article then lays out rule-by-rule blueprints and MQL5 examples for displaying or automating those signals in MetaTrader 5. It provides conceptual descriptions and coding guidance, but no backtest, performance statistics, or risk controls demonstrating an edge. The strategies are explicitly presented for education and require independent testing; some signal descriptions are also inconsistently phrased, so their exact rules should be checked before implementation.
Key ideas
- Bull's Power is calculated as the period high minus an exponential moving average.
- A value declining toward zero is interpreted as a sign that bullish pressure is weakening.
- Comparing changes in indicator values with price highs can classify strong movement or bearish divergence.
- The article combines Bull's Power with price relative to an EMA to define directional signals.
- MQL5 blueprints automate the rules, but the article supplies no performance validation.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.