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.
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.
//////////////////////////////////////////////////////////// // 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")