Total Power Oscillator for Bull and Bear Strength Signals

Summary

The Total Power indicator extends the MetaTrader Bull Power and Bear Power indicators by counting bullish- and bearish-dominated bars over a lookback window. It converts those counts into relative bull and bear readings, with a total line representing the absolute difference between them. The longer lookback is intended to add context that the underlying power indicators lack on their own.

The document describes several possible uses: treat either power line reaching 100 as a rare reversal setup, use a bull-bear crossover to choose a long or short direction, and use a crossover with the total line as a more conservative exit cue. The indicator has separate lookback and power periods, and can alert on extreme readings or crossovers. These are suggested interpretation rules, not tested results; the text supplies no performance evidence and cautions implicitly that smoothing and signal choice affect timing.

Key ideas

• The indicator summarizes the relative prevalence of bullish- and bearish-dominated bars over a lookback window.
• Its total line measures the absolute gap between bull and bear power readings.
• A bull-bear crossover is presented as a possible directional entry signal.
• A reading of 100 is described as a rare potential reversal cue, while total-line crosses can guide exits.
• The document gives no backtest or evidence that these signals are profitable.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.