Available translations

Elder's Force Index Indicator

Summary: Elder's Force Index measures the direction and extent of price change, and the trading volume over a specific period of time to display the power of bulls or bears in that timeframe.
Elder's Force Index On the Charts
According to investopedia, Dr Alexander Elder created this indicator, taking the three elements of trading force (direction and extent of price change, and Volume) and combined it with a moving average to accurately measure significant changes in the market.
Since the Force Index combines volume and price, it is very good at showing the strength of a trend. When th eindex hits a new high, a given uptrend is likely to continue. The same is said for new lows and downtrends. A flattening force index is also an important situaion; it means the change in prices is not supported by either rising or declining volume, and that the trend is likely to reverse.
The parameters of the EFI can be changed by locating and opening the Javascript Code under Data Building Procedure -> Procedure Loop under "Elder" Product Definition.
EFI Products & Properties
Product Setting Product Variable Properties
ElderForceInd efi value
A simple strategy can be built by entering a trade when the EFI value rises above -50:
 chart.at15min.efi.previous.value < -50 && chart.at15min.efi.value > -50
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