Total Power Indicator (MT4) — This powerful tool is built on two standard indicators: Bear Power and Bull Power. It tracks how many bullish and bearish bars appear over a specified look-back period. By calculating the proportional index for bulls, bears, and the total (determined by the absolute difference between bulls and bears) for the current bar, we gain a continuous view of the average bear and bull strength over time. This feature addresses a significant drawback of the original Bear/Bull Power indicators by providing a long-term perspective. Originally crafted by Daniel Fernandez of Asirikuy in 2011, the Total Power Indicator also has a version for MT5 available now.
Input Parameters
- Lookback Period (default = 45) — This parameter sets the timeframe the indicator looks back to count the dominant bullish or bearish bars.
- Power Period (default = 10) — This specifies the period for the original Bear Power and Bull Power indicators.
- AlertOn100Power (default = false) — Set to true to receive an alert when either Bull or Bear Power hits level 100, signaling a strong overbought/oversold condition that often precedes trend reversals.
- AlertOnCrossover (default = false) — If true, an alert will trigger when the Bull and Bear Power lines cross each other.
- EnableNativeAlerts (default = false) — Set to true to use a native MetaTrader popup alert for the above conditions.
- EnableEmailAlerts (default = false) — Set to true to send an email on alert conditions, ensuring your email settings are configured in MetaTrader via Tools -> Options -> Email.
- EnablePushAlerts (default = false) — If true, you'll receive push notifications when an alert condition occurs. Make sure notifications are set up in MetaTrader via Tools -> Options -> Notifications.
- TriggerCandle (default = Previous) — This determines which candle will trigger alerts: Previous (the most recent closed candle) or Current (the ongoing candle).
The Total Power Indicator functions like other oscillators:
- A reliable entry strategy, albeit infrequent, is to wait for either the Bull or Bear line to hit 100 and then consider a reversal trade.
- The crossover of the Bull and Bear lines can signal trade entries: if the Bull line is above, go long; if the Bear line is on top, go short.
- Crossover of either the Bull or Bear line with the Total line can provide a conservative exit point from your trades.