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)
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