Popular indicator from Alexander Elder.

Download link.(ELDERRAY.ELD)

... or read more theory... here and here

Elder Ray Buy signals

• Moving average rises and Bullish Force indicator is below zero. The best time to buy is when the Bearish Force first falls below zero and then immediately rises.
• If new price highs are confirmed by new Bullish Force indicator highs, then it is a good confirmation of the bullish trend.
• Bearish convergence is another strong signal.

Elder Ray Sell signals

• Moving average moves downward and Bullish Force is above zero.
• Bearish trend is confirmed if the price lows and Bearish Force indicator lows move downward in parallel.
• Bullish divergence is another strong signal.

Enjoy the trading !