Elder Ray Index

// This Pine Script® code is licensed under Apache-2.0
// SPDX-License-Identifier: Apache-2.0
// © PineForge contributors 2026
//
// PF probe 11 — Elder Ray bull/bear power
// Purpose: parity test for ta.ema() + (high|low - ema) bull/bear power chain
// with `[1]`-history rising/falling memory and trend-EMA gate.
//
//@version=6
strategy("Elder Ray Index", overlay=false, initial_capital=1000000, process_orders_on_close=false, pyramiding=1, commission_type=strategy.commission.percent, commission_value=0, slippage=0, default_qty_type=strategy.fixed, default_qty_value=1)

// === Inputs ===
emaLen = input.int(13, "EMA Length", minval=1)

// === Elder Ray: Bull/Bear Power ===
emaVal    = ta.ema(close, emaLen)
bullPower = high - emaVal
bearPower = low - emaVal

// === Trend filter ===
emaTrend = ta.ema(close, 50)
upTrend  = close > emaTrend
dnTrend  = close < emaTrend

// === Signals ===
// Long: uptrend + bear power negative but rising
longCond  = upTrend and bearPower < 0 and bearPower > bearPower[1]
// Short: downtrend + bull power positive but falling
shortCond = dnTrend and bullPower > 0 and bullPower < bullPower[1]

// === Strategy ===
if longCond
    strategy.entry("Long", strategy.long)
if shortCond
    strategy.entry("Short", strategy.short)

// === Exit ===
if strategy.position_size > 0 and bearPower > 0 and bearPower < bearPower[1]
    strategy.close("Long")
if strategy.position_size < 0 and bullPower < 0 and bullPower > bullPower[1]
    strategy.close("Short")

plot(bullPower, "Bull Power", color=color.green, style=plot.style_histogram)
plot(bearPower, "Bear Power", color=color.red, style=plot.style_histogram)
hline(0, "Zero")