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Averages > Elder Ray

Article/Author: Dr. Alexander Elder

Download: elderray.ela

File Includes:

Indicator - ER Elder Ray Avg
Indicator - ER Bull Power
Indicator - ER Bear Power

Category: Indicator > Averages

Description:

This Indicator plots the Elder Ray (EMA 13, Bull Power, BearPower) as described by Dr. Alexander Elder in "Trading For a Living."

Usage:

The most popular method of interpreting a moving average is to compare the relationship between a moving average of the security's price with the security's price itself (or between several moving averages).




Inputs:

Price - the data series to average
Length - the parameter tells how many bars to average

Easy Language Code:
INPUTS: PRICE(CLOSE), LENGTH(13);

VARS: XAVG(0);

XAVG = XAVERAGE(CLOSE, LENGTH);
PLOT1(XAVG, "XAVG");