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Elder Force Index Oscillator @shrilss

The "Elder Force Index Oscillator" is a comprehensive tool designed to assess the strength and direction of trends in the market. This indicator combines volume and price movement to provide traders with valuable insights into market dynamics.
Key Features:
- Volume Weighted: The oscillator considers both price changes and volume, emphasizing the significance of volume in confirming price movements.
- Trend Identification: Utilizing exponential moving averages (EMAs) and Bollinger Bands (BB), the indicator identifies potential trend reversals and continuations.
- Trend Strength Highlighting: With customizable options, the script highlights areas of strong and weak trend initiation, aiding traders in making informed decisions.
How It Works:
- Elder Force Index (EFI): The EFI is calculated as the EMA of price changes multiplied by volume. A positive value suggests buying pressure, while a negative value indicates selling pressure.
- EFI Moving Average (EFI MA): This smooths out the EFI, providing a clearer indication of trend direction.
- Bollinger Bands (BB): The upper and lower bands are calculated based on a specified number of standard deviations from the EFI's moving average, offering insights into potential overbought or oversold conditions.
Key Features:
- Volume Weighted: The oscillator considers both price changes and volume, emphasizing the significance of volume in confirming price movements.
- Trend Identification: Utilizing exponential moving averages (EMAs) and Bollinger Bands (BB), the indicator identifies potential trend reversals and continuations.
- Trend Strength Highlighting: With customizable options, the script highlights areas of strong and weak trend initiation, aiding traders in making informed decisions.
How It Works:
- Elder Force Index (EFI): The EFI is calculated as the EMA of price changes multiplied by volume. A positive value suggests buying pressure, while a negative value indicates selling pressure.
- EFI Moving Average (EFI MA): This smooths out the EFI, providing a clearer indication of trend direction.
- Bollinger Bands (BB): The upper and lower bands are calculated based on a specified number of standard deviations from the EFI's moving average, offering insights into potential overbought or oversold conditions.
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開源腳本
本著TradingView的真正精神,此腳本的創建者將其開源,以便交易者可以查看和驗證其功能。向作者致敬!雖然您可以免費使用它,但請記住,重新發佈程式碼必須遵守我們的網站規則。
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。