HPotter

Force Index

1125 2 670
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.
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////////////////////////////////////////////////////////////
//  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")
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Great indicator, thanks!!

One issue that I have if you can help....the 13 EMA is normally really close to the 0 line, then it is complicated to see if it is positive or negative sometime and if it is far or not from 0.

I have the same indicator in ProRealTime, there you have the possibility of apply a "vertical displacement" to the EMA, I use 350% for example, then it is really easy to see if it is near 0 or not.

Do you know a way to do the same in this Script?

Thanks a lot!!!
Reply
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
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