indicator · own pane · open source
Elder's Force Index
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About
Elder's Force Index smooths (close - close[1]) × volume — combines price change with volume to express the force behind every move.
- Above zero = bulls in force; below zero = bears in force.
- Sharp divergences against price often precede the next day's reversal.
Source code
//@version=5
indicator("Elder's Force Index", overlay=false)
len = input.int(13, "EMA length", minval=1, maxval=100)
efi = ta.rma((close - close[1]) * volume, len)
hline(0, "Zero", color=color.gray)
p_EFI = plot(efi, "EFI", color=color.purple, style=plot.style_histogram, linewidth=2)
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