OPEN-SOURCE SCRIPT

Modiied Elder Ray Index(Bull or Bear)

Here's a modified version of the Elder Ray Index created by the famed Dr.Alexander Elder. This indicator has proven to be especially helpful lately given the crazy state of crypto.

Slow Moving Average:
The top chart shows the moving average used to filter trends. I recommend using a higher window length(can be adjusted with the 'lenSlowMA' input option). I wanted this to be a very smooth moving average, so I used the following formula:

slow MA = ema(vwma(close, 64), 64)

This resulted in a pretty smooth line that still detects major price movements very well.

-The background and bar colors both change in response to the Slow MA's value. The background and bars change to green when a bullish trend is detected and red when bearish.

Bear and Bull Power:
To balance things out a little, I included two histogram's based on Elder's Ray. Here, a more responsive EMA with a shorter window length is used to calculate the bull and bear power values and track short-term price fluctuations.
NOTE: The length of the EMA used here can be adjusted in the input menu.
Bull Power = current high - EMA(close, 13)
Bear Power = current low - EMA(close, 13)

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