The Bears Power Oscillator MT4 indicator is an oscillator type trading indicator for the Metatrader 4 platform.
It oscillates below and above the zero level.
Above the zero level suggests the trend is bullish, on the contrary, trading below the zero level suggests the trend is bearish.
It’s recommended to use this indicator together with a trend following indicator, such as a longer period moving average.
For example the 100 or 200 period simple moving average would be a good choice.
The indicator is calculated as follows:
Bears = Low – EMA
The USD/JPY daily chart below shows the Bears Power Oscillator forex indicator in action.
Basic Trading Signals
Buy: The indicator crosses the zero line (0.00 level) from below.
Sell: The indicator crosses the zero line (0.00 level) from above.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (Bears Period) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the Bears.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)