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.
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!!!
ak211
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@ancapreb, I am trying to do what you said but dont know how?
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 :)
SCSouthTexas
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This is a great adaptation of the Force Index. If I could suggest one more wrinkle, it would be having the option to change the bars to the Elder Impulse Bars (red/green). But this is really good, and easy to take a glance and see overbought/sold conditions. Thank!
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!!!