How to use Strength Of Bull Bear Amibroker afl?
Strength of bull and bear is one of the histogram style Amibroker afl. It detects the market trend and shows the signals accordingly. If purple lines are above the zero line of histogram, it simply means that market is trending up similarly, when orange lines are below zero line then market is trending down. It is not recommended to trade based on strength of bull bear indicator. It is an additional confirmation only. Always combine 2 to 3 indicators like MACD or RSI for more reliable signals. This afl works in all timeframe in all markets.
//www.aflcode.com _SECTION_BEGIN("Elder Ray"); ERayBull= High - EMA(Close,13); ERayBear= Low - EMA(Close, 13); Plot(ERayBull,"Elder Bull", colorViolet, styleHistogram|styleThick); Plot(ERayBear,"Elder Bear", colorOrange, styleHistogram|styleThick); _SECTION_END();