mql5

Elder-Ray trading system was described by Alexander Elder in his book "Trading for a Living". It is based on Bulls Power and Bears Power oscillators, as well as Moving Average trend-following indicator (EMA — exponential averaging).


The system is both simple and complex:

• it is simple if we perceive it literally: buy if a trend is upwards (EMA) and Bears Power is below zero, but is increasing;
• it is complex, if we read more carefully and also look at the chart EMA and Bears Power are launched at: it turns out, it is not as simple as it seems since such conditions are few.

In this article, we will go through all the stages from simple to complex and check two types of trading system:

1. all indicators on the same chart (and therefore, on a single timeframe);
2. in combination with the "Triple choice" system.

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