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This indicator is based on Bulls and Bears oscillators, both exposed on Dr. Alexander Elder's book: "Come into my trading room". "Elder Ray" was made with the purpose of identify bulls and bears pressure in the markets. The indicator is basically the union of this two mentioned oscillators but on an efficient way to facilite getting price patterns, divergences, etc. Default parameter is EMA 13.
"Elder Ray" or "Ray" indicator is based on the Dr. Alexander Elder's oscillators: Bulls & Bears Power. Both of them works with an EMA. This indicator is used by traders to identify divergence, market directions and more... Dr. Elder's method generally uses a 13-day EMA Period but this can be modified based on your personal demand. The calculations are: Bulls Power= high candle - EMA close Bears Poder= low candle - EMA close Lime line represents Bulls Power and OrangeRed line