Total Power is a power indicator. It displays three lines: Bulls power, bears power, and total power.
It has two adjustable parameters:
- Power period - power calculation period
- EMA period - moving average calculation period
Calculations:
BullPower = BullCount * 100 / Power period
BearPower = BearCount * 100 / Power period
TotalPower= Abs(BearCount - BullCount) * 100 / Power period
where:
- If HighPW > MA
BullCount = BullCount+1
- If LowPW < MA
BearCount = BearCount+1
HighPW, LowPW - High and Low prices within the range of Power period
MA - EMA(Close, Period MA)
