Force Index is calculated as the difference between the current closing price (Pi) and the previous one (Pi-1), multiplied by the trading volume in the current candle (Volume).
The main idea of the indicator is to determine the strength of pressure on buyers’ and sellers’ quotes. It is considered that the Force Index is one of the best indicators in which price and volume indicators are combined into a single value.
Raw Force Index = (Pi - Pi-1) * Volume
The indicator view in the chart.
The indicator has the following parameters:
Use Moving Average - set smoothing of the indicator values.
SMA Period - set the smoothing period of the indicator values.
Panel - selection of the indicator location in the chart:
- New panel
Show value - display of the indicator value on the price scale.
Show zero values - display of zero values.
Scale/Auto-scaling - if this option is on, the scale will be automatically calculated, based on the minimum and maximum indicator values, so that the indicator would fit in the chart.
Visual type - visual setting of the indicator display in the chart:
- Up arrow
- Down arrow
- Axis label
Line style - setting of the line display style:
- Dash - dot
- Dash - dot - dot
Width - setting of the indicator line width.
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