The Bears Power indicator was developed by Alexander Elder and estimates the power of market sellers (bears).
It’s primarily used to check if the bearish trend is likely to continue or reverse.
In case the trend is likely to reverse, we need to exit the sell position.
- A sell signal occurs when the gray Bears Power oscillator bar moves below Zero from above.
- Exit the sell trade when the gray Bears Power oscillator bar moves back above Zero from below.
Read below how to open buy and sell trades with the Forex Bears Power MT4 indicator.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
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Bears Power Forex MT4 Indicator Chart
Here’s an example (AUD/CAD H4 chart) of how the indicator should look like when loaded onto the Metatrader 4 chart.
Attach the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Signals With The Bears Power MT4 Indicator
Below is an example of how to sell currency pairs with this Forex indicator:
Buy Trigger: Don’t use the Bears Power indicator to open buy trades.
Sell Trigger: Open a sell trade when the Bears Power oscillator turns back below Zero from above.
Place initial stop loss the above most recent swing high support level, or use your own favorite SL method.
Close the short trade when the Bears Power oscillator turns back above Zero from below. This is your exit point.
Alternatively, you can close the Bears Power sell trade for a predetermined take profit target, for instance, +25 pips on the M5 trading chart.
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Bears period, color, width, style.
The indicator can be deployed as a standalone trading system or strategy.
It can also be combined with:
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: bear trend
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.