# 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.

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

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