Range Force Impulse

The "Range Force Impulse" indicator combines 4 useful indicators into one, freeing up chart real-estate and giving the trader insight into trend health, bull/bear commitment, range and volatility all at a glance.

The indicator consists of the following:

  • Direction - True Range and Average True Range columns shown above and below 0 depending on direction of the period's price
    -- TR (gray) shows the current period's trading volatility
    -- ATR (Impulse colors, see below) shows an EMA of TR over a specified length
    -- Can be used to determine stops and targets (Example: Stop loss at prev close - ATR, Target at 2x ATR)
  • Index - Alexander Elder's EMA of (change(close) * volume ), shows crosses above 0 (green) and below 0 (red), and intermediate signals
    -- Shows bull vs. bear interest/commitment/dominance
    -- Elder recommends EMA length of 2 for daily chart buy/sell signals, and 13 for weekly chart bull/bear dominance & trend direction signals
    -- Intermediate signals are shown above 0 when falling ( salmon ), or below 0 when rising (pale yellow)
  • System - Range columns are colored using Alexander Elder's censorship system (green: do not short, red: do not long, blue: is up to you)
    -- Shows overall trend health ( Macd histogram and EMA up/down changes)
Release Notes: Bullets in description should have been:

* Range Direction
* Force Index
* Impulse System
Release Notes: .
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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