C320up Bear Power

C320up Bear Power

“The Bears Power oscillator was developed by Alexander Elder. It measures the difference between the lowest price and a 13-day Exponential Moving Average ( EMA ), plotted as a histogram. If the Bears Power indicator is below zero, it means sellers were able to drive price below the EMA . If the Bears Power indicator is above zero, it means buyers were able to keep the lowest price above the EMA . Bears Power is a fully unbounded oscillator with a base value of 0 and has no lower or upper limit. The indicator is often used in combination with other signals.” ~ TradingView

You can customise the colours of this indicator or change from histogram to area, line, etc., or a combination of these.

The default colours are Green (Bulls) for above zero, and Red (Bears) for below zero.

This indicator is not to be confused with Elder’s Force Index , which uses SMA and Volume .
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Observation for Bitcoin traders:

Set the input to 20, and change the styles from histogram to lines and use on 1H chart.

These settings are giving a clearer picture of Bitcoin in a bear market.
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