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Elder Ray Forex Indicator

Developed by Dr Alexander Elder, the Elder-ray indicator measures buying and selling pressure in the market. The Elder-ray is often used as part of the Triple Screen trading system but may also be used on its own.

Dr Elder uses a 13-day exponential moving average (EMA) to indicate the market consensus of value. Bull Power measures the ability of buyers to drive prices above the consensus of value. Bear Power reflects the ability of sellers to drive prices below the average consensus of value.

Bull Power is calculated by subtracting the 13-day EMA from the day's High. Bear power subtracts the 13-dayEMA from the day's Low.

Trading Signals

When used on its own, the Elder-ray requires 3 screens:

1) A bar chart with 13-day exponential moving average;
2) Elder Ray Bull Power; and
3) Elder Ray Bear Power.

Only trade in the direction of the trend - indicated by the slope of the 13-day EMA.

  • Go long if Bear Power is below zero and there is a bullish divergence.
  • Go short if Bull Power is above zero and there is a bearish divergence.

Further trading rules can be found in Trading For A Living by Dr Alexander Elder.


Trading spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. 


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