Power Index Wave Bands - MetaTrader 4 Script | Forex Indicator Download - MT4/MT5 Resources

The Power Index, originally developed by Alexander Elder, is an indicator used to measure the intensity of buying and selling of an asset.

Force Index(1) = (Current Price - Previous Price) x Current Quantity

Force index(13) = EMA(13) of force index(1)

Although it is commonly used as a zero line crossover indicator, this tool has other unrecognized qualities. It can show impulse moves, breakouts and even reversal points on the chart. This is done by adding volume/volatility bands. Some examples below

Breakthroughs and impulsive moves

Range market reversal points

Attachment download

📎 force_index_volatility_bandsymtfd.mq4 (18.02 KB)

Source: MQL5 #37863