Bears Power Indicator for MetaTrader
Info
The Bears Power Indicator for MetaTrader is a Indicator for MetaTrader 5 that the financial markets are a constant battle between buyers and sellers, with prices fluctuating based on the forces of supply and demand. The Bears Power indicator, developed by Alexander Elder in his 2026 book 'Trading for a Living', provides valuable insights into this battle, helping traders anticipate potential trend reversals.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Bears Power Indicator for MetaTrader
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
The financial markets are a constant battle between buyers and sellers, with prices fluctuating based on the forces of supply and demand.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: RSI Divergence and Higher Timeframe (HTF) Power of 3 (PO3) Indicator - another powerful indicator for MetaTrader 5 traders.
The financial markets are a constant battle between buyers and sellers, with prices fluctuating based on the forces of supply and demand. The Bears Power indicator, developed by Alexander Elder in his 2026 book 'Trading for a Living', provides valuable insights into this battle, helping traders anticipate potential trend reversals.Also recommended: True Open and Power of 3 (PO3) Lines - similar indicator with strong performance on MetaTrader 5.
The indicator is based on the concept that the moving average represents a price agreement between sellers and buyers over a specific period, while the lowest price reflects the maximum selling pressure during that time.
Elder's Bears Power is calculated as the difference between the lowest price and the 13-period exponential moving average (LOW - EMA).
Usage:
For optimal results, use the Bears Power indicator in conjunction with a trend indicator, typically the Moving Average:
- When the trend indicator is upward-sloping and the Bears Power index is below zero but rising, it's a potential buy signal.
- Ideally, a divergence between the indicator's bases should also be forming during this time.
Calculation:
The initial step in calculating the Bears Power indicator is determining the exponential moving average, commonly the 13-period EMA.
BEARS = LOW - EMA
where:
- BEARS represents the Bears' Power.
- LOW is the lowest price of the current bar.
- EMA stands for Exponential Moving Average.
In a downtrend, LOW is lower than EMA, causing the Bears Power to dip below zero, with the histogram positioned below the zero line. Conversely, if LOW surpasses EMA during price increases, the Bears Power turns positive, and its histogram rises above the zero line.
You may also like: Bulls Bears Power Indicator - excellent alternative for indicator users on MetaTrader 5.
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.