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Elder Ray, developed by Alexander Elder, is a technical indicator consisting of two components: Bull Power and Bear Power. Elder Ray identifies trend strength and potential reversal points by measuring the balance of power between buyers and sellers.
Bull Power = High - N-period EMA Bear Power = Low - N-period EMA Standard period: N = 13 Bull Power > 0: Bulls stronger than EMA Bear Power < 0: Bears stronger than EMA Typically used with 13-period EMA: Rising EMA + Bull Power > 0 + Rising Bear Power = Strong uptrend Falling EMA + Bear Power < 0 + Falling Bull Power = Strong downtrend
Standard Elder Ray (13-period EMA): Most commonly used
Short-term Elder Ray (8-10 period EMA): More sensitive, suitable for short-term trading
Long-term Elder Ray (21-26 period EMA): Smoother, suitable for long-term trend analysis
Elder Ray Divergence: Price and indicator move in opposite directions, signals reversal
Bull Power > 0 and Rising: Strengthening bull power, bullish
Bear Power < 0 and Falling: Strengthening bear power, bearish
Bull Power < 0: Bull power weaker than EMA, warning signal
Bear Power > 0: Bear power weaker than EMA, warning signal
Bull Power Divergence: Price makes new high but Bull Power doesn't, signals weakening upward momentum
Bear Power Divergence: Price makes new low but Bear Power doesn't (closer to zero), signals weakening downward momentum
EMA Direction + Elder Ray Confirmation: Rising EMA and Bull Power > 0, strongly bullish
Elder Ray is best used with EMA to form complete trading system. In uptrend (rising EMA), when Bear Power is negative but starts rising, it's buy signal. In downtrend (falling EMA), when Bull Power is positive but starts falling, it's sell signal. Elder Ray helps identify trend strength: both Bull and Bear Power expanding indicates strong trend, both contracting indicates weakening trend. Many traders combine Elder Ray with other momentum indicators to improve signal accuracy.
Measures balance of power between buyers and sellers, forms complete system with EMA, can identify trend strength, strong divergence prediction capability, applicable to all markets and timeframes
Requires use with EMA, signals relatively complex, significant lag, prone to false signals in ranging markets
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