The Bulls Power Oscillator MT4 indicator is an oscillator type trading indicator for the Metatrader 4 platform.
Similarly to the Bears Power Oscillator, this indicator oscillates below and above the zero level.
Above the zero level suggests the trend is bullish, on the contrary, below the zero level suggests the trend is bearish.
It’s recommended to use the Bulls indicator together with a trend indicator, such as a longer period moving average or Ichimoku Kinko Hypo.
For instance, the 100 or 200 period simple moving average would do the job.
The indicator value is calculated as follows:
BULLS = HIGH – EMA
The EUR/USD H1 chart below shows the Bulls Power Oscillator forex indicator in action.
Basic Trading Signals
Important: use together with a trend following indicator. When the overall trend is up, only trade the Bulls buy signals and ignore the sell signals.
When the overall trend is down, only trade the Bulls sell signals and ignore the buy signals.
Buy: The indicator crosses the zero line (0.00 level) for 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 (InpBullsPeriod) 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 Bulls.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)