Total Power Indicator

Total Power Indicator is a technical analysis tool based on the bull power and bear power indicators, which can be downloaded here: Bull and Bear Power.

The indicator measures the number of bullish and bearish trend bars for a specific lookback period. It then calculates the proportion of bears and bulls within this period. Finally, it calculates the total power, which is the difference between bulls and bears.

There are several ways to trade using this indicator:

1: Enter long when total power and bull power lines are equal to 100. Enter short when total power and bear power lines are equal to 100.

2: Buy when the bull power line crosses above the bear power line. Short when the bear power line crosses above the bull power line.

3: Buy when both the bulls and total power lines cross above the bears line. Enter short when both the bears and total power lines cross above the bull line.


How to use the total power indicator: (Right click on a chart then click "Edit Formula")

a = totalpower(30);

By typing the above line, the chart will display three lines:
Proportion of Bulls: Red
Proportion of Bears: Green
Total Power: Blue

(30 is the number of bars to use during the calculation - Lookback period)

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