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INDICATORS · ELDER RAY

Elder Ray in Crypto: Why the Value Changes Before Candle Close

Elder Ray measures bull power (high − EMA) and bear power (low − EMA). On the live bar, the high and low only expand, so the powers only grow apart until the close.

By ChartsPod Editorial Team · Reviewed by ChartsPod Research
Published · Updated · 5 min read

Short answer

Bull Power = high − EMA(13); Bear Power = low − EMA(13). On the live bar, the high can only rise and the low only fall, while the EMA moves with the current price. So bull power tends to rise and bear power to fall during the bar as extremes extend; the EMA's own movement partially offsets. Signals based on bear power turning up or bull power turning down are clean only on closed bars.

Which part of Elder Ray uses the live bar

ComponentUses current bar?Effect intrabar
Live highYesOnly rises
Live lowYesOnly falls
EMA(13)Yesα ≈ 0.143
PowersYesSpread widens

A long wick in either direction permanently raises that bar's power value even if price returns.

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How much it moves inside one bar

Elder Ray during one bar (illustrative)Elder Ray during one bar (illustrative): OPEN: Bull +40, bear −35; MID: New high: bull +180; LATE: New low: bear −150; CLOSE: Both extremes kept.OPENBull +40, bear −35MIDNew high: bull +180LATENew low: bear −150CLOSEBoth extremes kept
Only Elder Ray's closing value is kept in history. Original ChartsPod editorial graphic.
Illustrative intrabar range of Elder Ray vs its closed valueIllustrative intrabar range of Elder Ray vs its closed value: Bull power at open 40 ; Bull power at close 180 .ILLUSTRATIVE INTRABAR RANGE OF ELDER RAY VS ITS CLOSED VALUEBull power at open40Bull power at close180
How far Elder Ray travels inside a bar versus between bars. Original ChartsPod editorial graphic.

Rules

Elder Ray signal hygieneElder Ray signal hygiene: Signals on closed bars; Bar-close alerts; Backtest uses the same rule; Live value labelled provisional; Settings identical across chart and alerts.ELDER RAY SIGNAL HYGIENESignals on closed barsBar-close alertsBacktest uses the same ruleLive value labelled provisionalSettings identical across chart and alerts
Closed values are what history shows. Original ChartsPod editorial graphic.

α for EMA(13) = 2/14 ≈ 0.143.

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Questions readers ask

What is Elder Ray?

Bull and bear power relative to an EMA.

Why do powers grow intrabar?

Highs and lows only extend.

Closed bars?

Yes.

Sources and methodology

Indicator formulas are standard definitions; live-versus-closed behaviour follows TradingView's repainting documentation. Values in examples are illustrative.

  1. TradingView Pine Script: Repainting — live vs historical calculation.
  2. ChartsPod indicator reference — indicator calculations.

This article explains research tools and workflows. It is not financial advice, does not recommend buying or selling any asset and does not predict prices. Crypto derivatives carry a risk of rapid and total loss of margin.

CHARTSPOD EDITORIAL EDITION · RESEARCH AND EDUCATION ONLY · NOT FINANCIAL ADVICE.