OPEN-SOURCE SCRIPT
Elder Force Index Oscillator @shrilss
The "Elder Force Index Oscillator" is a comprehensive tool designed to assess the strength and direction of trends in the market. This indicator combines volume and price movement to provide traders with valuable insights into market dynamics.
Key Features:
- Volume Weighted: The oscillator considers both price changes and volume, emphasizing the significance of volume in confirming price movements.
- Trend Identification: Utilizing exponential moving averages (EMAs) and Bollinger Bands (BB), the indicator identifies potential trend reversals and continuations.
- Trend Strength Highlighting: With customizable options, the script highlights areas of strong and weak trend initiation, aiding traders in making informed decisions.
How It Works:
- Elder Force Index (EFI): The EFI is calculated as the EMA of price changes multiplied by volume. A positive value suggests buying pressure, while a negative value indicates selling pressure.
- EFI Moving Average (EFI MA): This smooths out the EFI, providing a clearer indication of trend direction.
- Bollinger Bands (BB): The upper and lower bands are calculated based on a specified number of standard deviations from the EFI's moving average, offering insights into potential overbought or oversold conditions.
Key Features:
- Volume Weighted: The oscillator considers both price changes and volume, emphasizing the significance of volume in confirming price movements.
- Trend Identification: Utilizing exponential moving averages (EMAs) and Bollinger Bands (BB), the indicator identifies potential trend reversals and continuations.
- Trend Strength Highlighting: With customizable options, the script highlights areas of strong and weak trend initiation, aiding traders in making informed decisions.
How It Works:
- Elder Force Index (EFI): The EFI is calculated as the EMA of price changes multiplied by volume. A positive value suggests buying pressure, while a negative value indicates selling pressure.
- EFI Moving Average (EFI MA): This smooths out the EFI, providing a clearer indication of trend direction.
- Bollinger Bands (BB): The upper and lower bands are calculated based on a specified number of standard deviations from the EFI's moving average, offering insights into potential overbought or oversold conditions.
Script open-source
In pieno spirito TradingView, l'autore di questo script lo ha pubblicato open-source, in modo che i trader possano comprenderlo e verificarlo. Un saluto all'autore! È possibile utilizzarlo gratuitamente, ma il riutilizzo di questo codice in una pubblicazione è regolato dal nostro Regolamento. Per aggiungerlo al grafico, mettilo tra i preferiti.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.