The Force Index (FI) was authored by Alexander Elder. The FI is a price/volume oscillator that may be used to determine if a trend is strengthening or weakening. The user may change only the period length. This indicator’s definition is further expressed in the condensed code given in the calculation below.
How To Trade Using Force Index
No trading signals are calculated for this indicator.
How To Access in MotiveWave
Go to the top menu, choose Study>General>Force Index
or go to the top menu, choose Add Study, start typing in this study name until you see it appear in the list, click on the study name, click OK.
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//period = user defined, default is 13
//prev = previous, ema = exponential moving average
//index = current bar number
prevClose = close[index-1]; rawForce = (close - prevClose) * getVolume(index); Plot: FI = ema(index, period, rawForce);