The Bears Bulls Power indicator for Metatrader 5 shows the ongoing battle between the bulls and bears in the currency market.
How to interpret bulls vs bears?
- The price will go up when there are more bulls than bears in the market.
- The price will go down when there are more bears than bulls in the market.
The indicator is displayed as a bull/bear colored histogram bar in a separate chart window.
A blue colored bar represents the market bulls while a yellow colored bar represents the bears.
The indicator works for any trading instrument that can be loaded in the Metatrader 5 platform.
The following indicator inputs and parameters can be adjusted: power period (13), bulls color, bears color.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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BearsBullsPower.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Bears Bulls Power Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Bears Bulls Power Forex Indicator?
Find a simple trading example below:
Buy Signal
- A bullish signal is given when the bull/bear histogram bar appears above the zero level.
- Open a buy trade and set your stop loss 3 pips below short-term support.
- Exit the buy trade near prior key resistance, or wait for a sell signal.
Sell Signal
- A bearish signal is given when the bull/bear histogram bar appears below the zero level.
- Open a sell trade and set your stop loss 3 pips above short-term resistance
- Exit the sell trade near prior key support, or wait for a buy signal.
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BearsBullsPower.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the BearsBullsPower.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration