OPEN-SOURCE SCRIPT
Force Index with Buy on Dip strategy
Updated
This charts has 2 indicators
1 - Force Index
This indicator is based on Dr Alexander Elder ForceIndex indicator with relate price to volume by multiplying net change and volume.
- GREEN Bar indicates Bull is in control
- RED Bar indicates Bear is in control.
LENGTH of the bar indicate the strength of Bull or Bear.
Normally there's potential BUY if the RED bar turned GREEN and SELL if GREEN to RED.
2 - Stochastic momentum
Stochastic momentum is to detect potential Reversal where BLUE bar will appear if :-
- Oversold - Stochastic less than 35
- Closing price is higher than last 2 High (Fast Turtle)
// Note : Best use with "EMA Indicators with BUY sell Signal"
1 - Force Index
This indicator is based on Dr Alexander Elder ForceIndex indicator with relate price to volume by multiplying net change and volume.
- GREEN Bar indicates Bull is in control
- RED Bar indicates Bear is in control.
LENGTH of the bar indicate the strength of Bull or Bear.
Normally there's potential BUY if the RED bar turned GREEN and SELL if GREEN to RED.
2 - Stochastic momentum
Stochastic momentum is to detect potential Reversal where BLUE bar will appear if :-
- Oversold - Stochastic less than 35
- Closing price is higher than last 2 High (Fast Turtle)
// Note : Best use with "EMA Indicators with BUY sell Signal"
Release Notes
*****************************************************************************************Description :-
This indicator is based on Dr Alexander Elder ForceIndex indicator
with relate price to volume by multiplying net change and volume.
1 - GREEN Bar and GREEN background indicates Bull is in control
2 - RED Bar and RED background indicates Bear is in control.
LENGTH of the bar indicate the strength of Bull or Bear.
Normally there's potential BUY if the RED bar turned GREEN and SELL if GREEN to RED.
On top of that, it's also include information about Stochastic momentum to detect
potential Reversal. BLUE bar will appear if :-
1 - Oversold - Stochastic less than 35 (Default value set at 35)
2 - Closing price is higher than last 2 High
Note : Best use with "EMA Indicators with BUY sell Signal"
Release Notes
New Update :-Change background color of the FiFT indicator to indicate BULL or BEAR force.
1 - GREEN Bar and GREEN background indicates Bull is in control
2 - RED Bar and RED background indicates Bear is in control.
LENGTH of the bar indicate the strength of Bull or Bear.
Normally there's potential BUY if the RED bar turned GREEN and SELL if GREEN to RED.
On top of that, it's also include information about Stochastic momentum to detect
potential Reversal. BLUE bar will appear if :-
1 - Oversold - Stochastic less than 35 (Default value set at 35)
2 - Closing price is higher than last 2 High
Note : Best use with "EMA Indicators with BUY sell Signal"
Release Notes
Remove Star from -ve FiFT BOD signal. Release Notes
Bug fix : FiFT change with different candle type.Standardize signal to avoid confusion : OB = Overbought, OS = Oversold.
Release Notes
Code Clean upRelease Notes
Simplify the code to focus on volume only instead of integrating Volume and PirceOpen-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Contact me to learn Turtle Trading System, MCDX and other indicators (t.me/SgxFx)
tradingview.com/script/mbiUr95n-MCDX-Plus/
tradingview.com/script/mcAidXIT-FiFT-Pro/
tradingview.com/script/viAR3Ilo-Trend-Sign
tradingview.com/script/mbiUr95n-MCDX-Plus/
tradingview.com/script/mcAidXIT-FiFT-Pro/
tradingview.com/script/viAR3Ilo-Trend-Sign
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.