Elder Ray Index (ERI)

The Elder Ray Index (ERI), developed by Dr. Alexander Elder, measures the amount of buying and selling pressure in the market. It consists of three components: an Exponential Moving Average (EMA) representing the consensus of value, “Bull Power” representing the ability of buyers to drive prices above the consensus, and “Bear Power” representing the ability of sellers to drive prices below the consensus.

ERI

=ERI(data, period)

Example Usage

=ERI(A2:F500, 13)

Parameters

Parameter Type Description Status
data
Range
The input range of columns containing the Date, Open, High, Low, Close, and Volume data.
 Required
period
Number
The EMA period used as the baseline. Default is 13.
 Optional

Returns

A multi-column array containing:

  1. Date
  2. Bull Power: High - EMA.
  3. Bear Power: Low - EMA.
  4. EMA: The exponential moving average baseline.
Elder Ray Index (ERI) Formula Result in Google Sheets