Maybe another version of the Bears Bulls indicator, but with a unique interpretation on the scripts found here on Tradingview. Again, this indicator is not meant to be used alone but as an entry/exit confirmation with other indicators.
█ CONCEPTS
Using a modified version of the WMA indicator, the LWMA, this indicator will work similarly to the Bears Bulls Power indicator. Quoting from Admiral Markets, "Bulls Power measures the capability of buyers in the market to lift prices above an average consensus of value. Bears Power measures the capability of sellers to drag prices below an average consensus of value. Using them in tandem with a trend measure allows you to identify favorable entry points."
█ HOW TO USE IT
As soon as the color changes, it indicates a change in the price direction and divergences. Green buy, red sell? Not that simple, but following that pattern for scalping may result in some good entries. Following this indicator blindly will not be accurate as using another indicator to filter the signals in favor of a major trend (that indicator could be another Bears Bulls Inpulse from a higher time frame)
Could you make put alerts when reversals occurs (bars turn green/short)? Thanks
CodyMaki
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if you combine this with the fisher it works great
CodyMaki
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awesome work thank you
decentMeerkat007
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Hi, what timeframes you think this will work best? Thanks
ThiagoSchmitz
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@decentMeerkat007, using timeframes like 4h or Daily will significantly reduce the market noise. When using for scalps, 15min or 1h would be the best but will need another indicator to filter it better (like a moving average to determine the trend and only take trades in favor of the trend)