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Technical Studies Reference

Elder Ray

The Elder Ray study calculates and displays the Bull Power and the Bear Power for the Price Data.

Let \(H\), \(L\), and \(C\) be random variables denoting the High, Low, and Closing Prices, respectively, and let \(H_t\), \(L_t\), and \(C_t\) be their respective values at Index \(t\). Let the Input Moving Average Length be denoted as \(n\). Then we denote the Bull Power and Bear Power for the given Input at Index \(t\) as \(BullPow_t(n)\) and \(BearPow_t(n)\), respectively, and we compute them in terms of an Exponential Moving Average for \(t \geq n - 1\) as follows.

\(BullPow_t(n) = H_t - EMA_t(C,n)\)

\(BearPow_t(n) = L_t - EMA_t(C,n)\)



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*Last modified Monday, 26th September, 2022.