Elder Ray tracks the bulls’ and bears’ relative strength by measuring the deviation value of the bar high and low prices from the average price value.
The Elder Ray indicator was developed by Alexander Elder and was named so by analogy with x-rays. It shows bulls’ and bears’ strength structure. Elder Ray is a combination of moving averages, which follow the trend, and two oscillators.
The indicator view in the chart.
The indicator has the following parameters:
Period - set the indicator period.
Panel - selection of the indicator location in the chart:
- New panel
Show value - display of the indicator value on the price scale.
Show zero values - display of zero values.
Scale/Auto-scaling - if this option is on, the scale will be automatically calculated, based on the minimum and maximum indicator values, so that the indicator would fit in the chart.
Visual type - visual setting of the indicator display in the chart:
- Up arrow
- Down arrow
- Axis label
Line style - setting of the line display style:
- Dash - dot
- Dash - dot - dot
Width - setting of the indicator line width.
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