Power Index - JMA - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

The Power Index (sometimes called "the Index") is another technical analysis concept introduced by Alexander Elder in his book Trading for a Living .

Calculation of force index:

Strength Index (1) = [Closing Price (Current Period) - Closing Price (Previous Period)] x Trading Volume

Strength Index(13) = 13-period exponential moving average of Strength Index(1)

The 13-period moving average highlights the short-term trend and is suitable for short-term traders. The 100-Period Strength Index average will highlight long-term trends and is favored by long-term traders.

In this version we use the well known JMA (Jurik Moving Average) instead of EMA for calculations

Attachment download

📎 force_index_-_jma.mq5 (11.24 KB)

Source: MQL5 #22537