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Re: Trend Direction Force Index Indicators MT4

341 by mo1355
Force index with ATR bands-
I'm hoping mrtools or another briliant coder here can possibly put a set of ATR bands around force index for me.
I've attached a version that uses Bollinger bands. hope it helps.
Many thanks!
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CodeRe: Trend Direction Force Index Indicators MT4

342 by mrtools
mo1355 wrote: Fri Aug 09, 2024 10:20 pm Force index with ATR bands-
I'm hoping mrtools or another briliant coder here can possibly put a set of ATR bands around force index for me.
I've attached a version that uses Bollinger bands. hope it helps.
Many thanks!
Force Index with ATR Bands

To recap, the Force Index is a tool used in trading that shows how much strength is behind the movement of a price and was originally developed by Dr. Alexander Elder. Sometimes referred to as the EFI (Elders Force Index), the way it calculates is:
  • It measures the power behind a price movement using price and volume (tick volume in MT4)
  • Is not bound by levels
  • Is based off price's Close, unlike the MFI (Money Flow Index) which is based off Typical price (high + low + close / 3)
Try.

PS: If you prefer a version with Floating Levels, please see here.
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Re: Trend Direction Force Index Indicators MT4

343 by mo1355
Many thanks for the swift reply mrtools. you're a legend! Works perfectly.
Now while I was waiting for a reply i couldn't resist messing around with the codes (as I usually do) to see if I can figure it myself.
I've attached what I did so far. this script doesn't return any error when compiled in Metaeditor, but clearly missing something as it doesn't display the volatility bands.
If it's not too much to ask, would appreciate if you can amend it for me, so i can learn what I'm missing.
Thanks again.

Re: Trend Direction Force Index Indicators MT4

344 by mrtools
mo1355 wrote: Sat Aug 10, 2024 11:41 am Many thanks for the swift reply mrtools. you're a legend! Works perfectly.
Now while I was waiting for a reply i couldn't resist messing around with the codes (as I usually do) to see if I can figure it myself.
I've attached what I did so far. this script doesn't return any error when compiled in Metaeditor, but clearly missing something as it doesn't display the volatility bands.
If it's not too much to ask, would appreciate if you can amend it for me, so i can learn what I'm missing.
Thanks again.
The only way I know is to get an atr of the average of the indicators high, low, open, and close. Then make the atr bands from that.
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Re: Trend Direction Force Index Indicators MT4

347 by mrtools
mo1355 wrote: Sun Aug 11, 2024 7:25 pm Hi mrtools. i hpe you don't mind me asking for one more request.
If it's not too much work for you, would you please make a floating zero level option in your ! Force_Index atr bands indicator?
I think this would help with fulfilling the Elder's defintion of divergence better than a static zero.
Thanks again.
Mo
Hello, would say the dashed white middle line would be the floating zero.

Re: Trend Direction Force Index Indicators MT4

348 by mo1355
mrtools wrote: Mon Aug 12, 2024 10:51 am Hello, would say the dashed white middle line would be the floating zero.
Hi mrtools. I’m thinking of something like this here done by mladen on MACD: "MACD of RSI adaptive EMA - with floating levels"

Given Force Index is also an unbound indicator, I thought it might benefit from the same idea, i.e. “using RSI adaptive EMA for smoothing FI, which should make it possible to put a sort of over bought and over sold levels on it by using floating levels.”

Hope this makes sense. And thanks again for your time and effort.

Mo
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Re: Trend Direction Force Index Indicators MT4

349 by mrtools
mo1355 wrote: Mon Aug 12, 2024 12:44 pm Hi mrtools. I’m thinking of something like this here done by mladen on MACD: "MACD of RSI adaptive EMA - with floating levels"

Given Force Index is also an unbound indicator, I thought it might benefit from the same idea, i.e. “using RSI adaptive EMA for smoothing FI, which should make it possible to put a sort of over bought and over sold levels on it by using floating levels.”

Hope this makes sense. And thanks again for your time and effort.

Mo
Force index with Floating Levels

Hello, maybe try this version. Added an option (if smoothing > 1) for smoothing.

PS: For a version which uses ATR Bands instead, please see here.
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