Total Power Indicator

Description

The Total Power Indicator for MetaTrader is a trading tool that evaluates the strength of bulls/bears in the market. It was built using a 10-day EMA and a technical component that analyzes bull/bear strength.

The indicator looks back at past market prices and compares them to current market conditions to determine bull/bear dominance. Moreover, it is a technical tool that will come in handy for both beginners and experienced forex traders to easily determine the direction/reversal of a trend.

In addition, it is also great for scalping, day/intraday and swing trading.

How do you use the Total Power indicator?

The Total Power indicator has green and red lines indicating the strength of bears and bulls, respectively. The blue line on the other depicts the overall strength of the trend.

The indicator uses signal lines to display various trend conditions; they are as follows:

• Potential bullish movement is indicated when the red line (bullish power) crosses the green line (bearish power) from bottom to top.
• Bearish movement is signaled when the green line (bearish power) crosses the red line (bullish power) down.
• Finally, the intersection of the red (bullish power) and green (bearish power) lines above level 50 indicates a bullish/bearish trend.

How to trade with the total power indicator

The image above shows the action of the indicator on the GBPUSD chart on the M30 timeframe. It illustrates how to generate a high probability trading signal when the indicator matches price action.

The image shows that the red line of the indicator crosses the green line, which indicates a potential bullish move. In addition, the red line has moved further away from the green line, which also indicates an increase in bullish power.

Finally, the bullish engulfing candlestick pattern also suggests a continuation of the bullish trend, which also doubled as a buy entry. The above principle can also be used to generate a sell signal.

Conclusion

The Total Power Indicator for MT5 is ultimately a trading tool that is suitable for trend and reversal analysis. Finally, it’s free to download.