Bull Power/Bear Power Histogram for Metastock
Vadim Gimelfarb’s article, “Bull and Bear Balance Indicator” references a histogram
created by subtracting his bear power indicator from his bull power indicator. The result is then smoothed by a 30-period average. The following formula will produce that histogram.
To use this formula in MetaStock: go to Tools | Indicator Builder. Click New and enter the name for the formula. Then click in the larger window and enter the actual formula. When done, click Okay. After you plot this formula in a chart, right-click on the resulting line and then left click properties. Change the line style to Histogram and click Okay.
The formulas for Bull Power and Bear Power were re-arranged slightly in the hopes of making them easier to read and enter in the formula editor.
Indicator / Formula
r1:=If(Ref(C,-1)<O,Max(O-Ref(C,-1),H-L),H-L);
r2:=If(Ref(C,-1)>O,Max(Ref(C,-1)-O,H-L),H-L);
bull:=If(C=O,
If(H-C=C-L,
If(Ref(C,-1)>O,
Max(H-O,C-L),
r1),
If(H-C>C-L,
If(Ref(C,-1)<O,
Max(H-Ref(C,-1),C-L),
H-O),
r1)),
If(C<O,
If(Ref(C,-1)<O,
Max(H-Ref(C,-1),C-L),
Max(H-O,C-L)),
r1));
bear:=If(C=O,
If(H-C=C-L,
If(Ref(C,-1)<O,
Max(O-L,H-C),
r2),
If(H-C>C-L,
r2,
If(Ref(C,-1)>O,
Max(Ref(C,-1)-L,H-C),
O-L))),
If(C<O,
r2,
If(Ref(C,-1)>O,
Max(Ref(C,-1)-L,H-C),
Max(O-L,H-C))));
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