Total Power Indicator (MetaTrader indicator) is based on the two standard indicators — Bear Power and Bull Power. The indicator calculates how many bullish and bearish bars were there during a set look-back period and then calculates the proportional index for bears, bulls and total (calculated as the difference between bulls and bears) for the current bar. This way, we get continuous lines of the relative average bear and bull power over a period of time, removing the main disadvantage of the original Bear/Bull Power indicators — the lack of long-term perspective. The MetaTrader 4 version of Total Power Indicator was created by Daniel Fernandez of Asirikuy.com in 2011. The version for MT5 is now also available.
There are plenty of different ways this indicator could be used in:
Warning! Before you ask any basic questions regarding installation of the indicators, please, read this MetaTrader 4 Indicators Tutorial or MetaTrader 5 Indicators Tutorial to get the elementary knowledge on handling them.
Do you have any suggestions or questions regarding this indicator? You can always discuss Total Power Indicator with the other traders and MQL programmers on the indicators forums.