eri

eri(high, low, close, length=None, offset=None, **kwargs)

Elder Ray Index (ERI)

Elder’s Bulls Ray Index contains his Bull and Bear Powers. Which are useful ways to look at the price and see the strength behind the market. Bull Power measures the capability of buyers in the market, to lift prices above an average consensus of value.

Bears Power measures the capability of sellers, to drag prices below an average consensus of value. Using them in tandem with a measure of trend allows you to identify favourable entry points. We hope you’ve found this to be a useful discussion of the Bulls and Bears Power indicators.

Sources:

https://admiralmarkets.com/education/articles/forex-indicators/bears-and-bulls-power-indicator

Calculation:

Default Inputs:

length=13

EMA = Exponential Moving Average

BULLPOWER = high - EMA(close, length) BEARPOWER = low - EMA(close, length)

Args:

high (pd.Series): Series of ‘high’s low (pd.Series): Series of ‘low’s close (pd.Series): Series of ‘close’s length (int): It’s period. Default: 14 offset (int): How many periods to offset the result. Default: 0

Kwargs:

fillna (value, optional): pd.DataFrame.fillna(value) fill_method (value, optional): Type of fill method

Returns:

pd.DataFrame: bull power and bear power columns.