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Elder Force Index Indicator for Amibroker (AFL)
cg007pec
about 2 months ago
Amibroker (AFL)

Rating:
5 / 5 (Votes 1)
Tags:
Elder Force Index, amibroker

The Elder Force Index is an indicator that measures the buying and selling force of the Bitcoin (BTC) market. The index calculates the market activity using metrics such as the exponential moving average (EMA), volume, and length of a trend. The EFI indicator can be used on long-term charts such as the 1W (weekly) or short-term such as the 1H (hourly) or 1M (minute).

Elder Force Index has a baseline value of zero and trending above it means there is more buying force on the market, while trending below it means there is more selling force. Buying force indicates a bullish trend and upward momentum while selling force indicates a bearish trend and price collapse.

The Elder Force Index was named after best-selling author – Alexander Elder who invented introduced it in his book “The New Trading for a Living.” The EFI indicator is available for all Phemex markets. Scroll below to learn how to use it.

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Indicator / Formula

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Apply to price chart

_SECTION_BEGIN("Elders Force Index");

SetChartOptions(0,chartShowArrows|chartShowDates);

_N(Title = StrFormat("{{NAME}} – {{INTERVAL}} {{DATE}} Open %g, Hi %g, Lo %g, Close %g (%.1f%%) {{VALUES}}", O, H, L, C, SelectedValue( ROC( C, 1 ) ) ));


Plot( Close, "Price", colorWhite, styleCandle );

EFI1 = (Close - Ref(Close, -1)) * V;
EFI13 = EMA(((Close - Ref(Close, -1)) * V), 13);

Plot( EFI1 , "EFI(1)", colorWhite, styleLine | styleOwnScale ); 
Plot ( EFI13 ,"EFI(13)", colorBlue, styleLine | styleOwnScale ); 

_SECTION_END();

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