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Elder Ray Index

Developed by Dr Alexander Elder, used in conjunction with a 13 day exponential moving average. 

Direction of the trend is indicated by the slope of the 13 day exponential moving average.

- Enter if Bear Power is below zero and there is a bullish divergence.
- Exist if Bull Power is above zero and there is a bearish divergence.

Green: Elder Ray Bull Power
Red: Elder Ray Bear Power