HPotter

Force Index

494 1 114
Hi,
This Indicator plots the Force Index as described by Dr             . Alexander
Elder in "Trading For a Living." The ForceIndex indicator relates
price to volume by multiplying net change and volume . ForceIndex is
calculated using the following equation:
ForceIndex = Volume (today) * (Close(this period) - Close(last period))
ForceIndex is typically presented as two smoothed averages (slow and fast)
to avoid false signals.
Remove from Favorite Scripts Add to Favorite Scripts
////////////////////////////////////////////////////////////
//  Copyright by HPotter v1.0 28/04/2014
// This Indicator plots the Force Index as described by Dr. Alexander 
// Elder in "Trading For a Living." The ForceIndex indicator relates 
// price to volume by multiplying net change and volume. ForceIndex is 
// calculated using the following equation:
// ForceIndex = Volume(today) * (Close(this period) - Close(last period))
// ForceIndex is typically presented as two smoothed averages (slow and fast) 
// to avoid false signals. 
////////////////////////////////////////////////////////////
study(title="Force Index", shorttitle="Force Index")
XLen1 = input(3, minval=1)
XLen2 = input(13, minval=1)
hline(0, color=green, linestyle=line)
xValue = volume * (close - close[1])
xSMA1 = ema(xValue, XLen1)
xSMA2 = ema(xValue, XLen2)
plot(xSMA1, style = histogram, color=blue, title="SlowAvg")
plot(xSMA2, color=red, title="FastAvg")
JeroenHouttuin
2 years ago
Great stuff. I was thinking to write something similar, but that in a cumulative way, more like a mix between this and the OBV. Unfortunately my Pine knowledge is not developed enough yet to do this. If anybody knows if such a thing already exists, please let me know. And thanks for all the great indicators Harry :)
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out