The Force Index is an indicator that uses price and volume to assess the power behind a move or identify possible turning points. Developed by Alexander Elder, the Force Index was introduced in his classic book, Trading for a Living. According to Elder, there are three essential elements to a stock's price movement: direction, extent and volume. The Force Index combines all three as an oscillator that fluctuates in positive and negative territory as the balance of power shifts. The Force Index can be used to reinforce the overall trend, identify playable corrections or foreshadow reversals with divergences.
Formula
Force Index(1) = {Close (current period) - Close (prior period)} x Volume
Force Index(13) = 13-period EMA of Force Index(1)
I adapted the NTForceIndex for Ninjatrader 7 into NT8.
A public thank you to NTIndicators.
For more apps from this user check out the Wave Trend Oscillator!
| Created By | cpuzz |
| NinjaTrader Version | 8 |
| File Size | 3.1 KB |
| Create Date | 03/07/2017 |
| # of Downloads | 3383 |
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