The Bulls Power Oscillator MT4 indicator is an oscillator type trading indicator for the Metatrader 4 platform.
Similar to the Bears Power Oscillator, this indicator oscillates below and above the zero level.
Above the zero level suggests the trend is bullish, on the contrary, below the zero level suggests the trend is bearish.
It’s recommended to use the Bulls indicator together with a trend indicator, such as a longer period moving average or Ichimoku Kinko Hypo.
For instance, the 100 or 200 period simple moving average would do the job.
The indicator value is calculated as follows:
BULLS = HIGH – EMA
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Download the “Bulls.mq4” MT4 indicator
Indicator Chart (EUR/USD H1)
The EUR/USD H1 chart below shows the Bulls Power Oscillator forex indicator in action.
Basic Trading Signals
Important: use together with a trend following indicator. When the overall trend is up, only trade the Bulls buy signals and ignore the sell signals.
When the overall trend is down, only trade the Bulls sell signals and ignore the buy signals.
Buy: The indicator crosses the zero line (0.00 level) for below.
Sell: The indicator crosses the zero line (0.00 level) from above.
Bulls Power Oscillator and Trend Candlesticks Forex Scalping Strategy for MT4
This MT4 scalping strategy combines momentum strength with price action using the Bulls Power Oscillator MT4 Forex Indicator and the Trend Candlesticks MT4 Forex Indicator.
The Bulls Power Oscillator identifies shifts in buying and selling strength, generating a buy signal when it crosses above zero from below and a sell signal when it crosses below zero from above.
The Trend Candlesticks visually highlight the market direction with green candlesticks for bullish trends and pink candlesticks for bearish trends.
Using both indicators together allows scalpers to enter trades in line with market momentum and price trend direction, making it effective for M1 and M5 charts.
Buy Entry Rules
- Confirm that Trend Candlesticks are green, indicating a bullish trend.
- Wait for the Bulls Power Oscillator to cross above the zero line from below.
- Enter a buy trade at the close of the candle where the crossover occurs.
- Place a stop loss below the recent swing low or below the nearest support level.
- Take profit when the oscillator crosses back below zero or Trend Candlesticks turn pink.
Sell Entry Rules
- Confirm that Trend Candlesticks are pink, indicating a bearish trend.
- Wait for the Bulls Power Oscillator to cross below the zero line from above.
- Enter a sell trade at the close of the candle where the crossover occurs.
- Place a stop loss above the recent swing high or above the nearest resistance level.
- Take profit when the oscillator crosses back above zero or Trend Candlesticks turn green.
Advantages
- Combines momentum strength and price action for high-probability scalping entries.
- The Trend Candlesticks indicator simplifies trend identification.
- Bulls Power Oscillator provides objective, quantifiable entry signals.
- Effective on short-term M1 and M5 charts for scalping.
- Helps avoid trades against prevailing market direction.
- Supports dynamic exits based on oscillator crossover or candlestick trend reversal.
- Reduces hesitation by combining two complementary indicators.
- Works well in trending market conditions for quick scalp gains.
- Easy to implement and understand, even for beginner traders.
Drawbacks
- The Oscillator may give false signals during choppy or sideways markets.
- Trend Candlesticks may lag slightly in rapidly reversing conditions.
- Requires active monitoring on short timeframes to capture timely entries.
- Fewer quality setups may occur during low volatility periods.
Example Case Study 1
On EURJPY M1, Trend Candlesticks were green, showing a bullish trend.
The Bulls Power Oscillator crossed above zero from below, confirming a buy setup.
A trade was entered at candle close with a stop loss below the recent support level.
Price moved upward, and the trade was closed when the oscillator crossed back below zero, making a 17 pip gain.
The combination of trend and momentum ensured a high-probability scalp.
Example Case Study 2
On GBPJPY M5, Trend Candlesticks turned pink, indicating a bearish trend.
The Bulls Power Oscillator crossed below zero from above, signaling a sell opportunity.
A trade was entered at candle close with a stop loss above the recent resistance.
Price declined steadily, and the trade was exited when Trend Candlesticks turned green, producing a 22 pip profit.
Aligning the candlestick trend with the oscillator crossover captured the core of the intraday move.
Strategy Tips
- Combine signals with higher timeframe trend analysis to confirm overall market direction.
- Use multiple currency pairs to increase scalp opportunities during active sessions.
- Consider scaling out partial positions when the move reaches significant intraday levels.
- Monitor volatility to avoid entering trades in low activity periods that may produce false signals.
- Use alerts for Bulls Power crossovers to ensure timely entries without constant monitoring.
- Be patient and skip trades if Trend Candlesticks and oscillator signals do not fully align.
- Maintain consistency in trade execution rules to improve long-term scalping performance.
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Download the “Bulls.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (InpBullsPeriod) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Oscillator
