OPEN-SOURCE SCRIPT
Unleash Elder Force on Your Chart
I had searched for a proper indicator to recognize important impulses, so I just need to take a look at the indicator to quickly find them on the chart. Alexander Elder's Force is the answer, although I made a few changes to the design.
First, I found more accuracy using Hull Moving Average. It steers faster making sudden spikes even more visible. Second, it is faster to catch up and therefore ready for another impulse to measure.
The second change is to the visual presentation of the Elder Force. Columns look prettier and there needs to be a manually set value that gives regular sideways moves a border beside which it is likely to be either an institutional interference or a trend.
Furthermore, you can plot (minus) Elder Force in the indicator window too. This should be used to compare upside and downside thrusts with each other.
I don't use nor intend to use Elder Force as a buy/sell indicator. The point is to highlight certain price-action moments that I will then review and consider an entry after. I believe most indicators should be used like that.
:)
First, I found more accuracy using Hull Moving Average. It steers faster making sudden spikes even more visible. Second, it is faster to catch up and therefore ready for another impulse to measure.
The second change is to the visual presentation of the Elder Force. Columns look prettier and there needs to be a manually set value that gives regular sideways moves a border beside which it is likely to be either an institutional interference or a trend.
Furthermore, you can plot (minus) Elder Force in the indicator window too. This should be used to compare upside and downside thrusts with each other.
I don't use nor intend to use Elder Force as a buy/sell indicator. The point is to highlight certain price-action moments that I will then review and consider an entry after. I believe most indicators should be used like that.
:)
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun das Script auch andere Trader verstehen und prüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden. Die Nutzung dieses Codes in einer Veröffentlichung wird in unseren Hausregeln reguliert. Sie können es als Favoriten auswählen, um es in einem Chart zu verwenden.
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