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Indicator · Pine Script v5 · Own pane
Elder Force Index
The Elder Force Index indicator calculates efi as the EMA of price change times volume with a configurable length.
GitHub stars2on the repository
Pine versionv5runs as is
Lines of code18
Settings3inputs
LicenceMIT
Last update1 year ago10 Apr 2025
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
18 lines of Pine Script v5 from elder-force-index.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.
//@version=5
indicator(title="Elder Force Index", shorttitle="EFI", format=format.volume, timeframe="", timeframe_gaps=true)
var cumVol = 0.
cumVol += nz(volume)
if barstate.islast and cumVol == 0
runtime.error("No volume is provided by the data vendor.")
length = input.int(13, minval=1)
efi = ta.ema(ta.change(close) * volume, length)
upColor = input.color(color.new(color.aqua, 50), "up force")
downColor = input.color(color.new(color.fuchsia, 50), "down force")
// plot(efi, color=efi>0?upColor:downColor, title="Elder Force Index", style = plot.style_columns)
// plot(ta.sma(efi, 9))
efix = efi - ta.sma(efi, 9)
plot(efix, color=efi>0?upColor:downColor, title="Elder Force Index", style = plot.style_columns)
Overview
Elder Force Index then plots the difference between efi and its 9-period SMA as colored column bars in a separate pane, with positive values colored up and negative down. The length setting controls the EMA period while up and down colors customize the appearance. This provides volume momentum insights on the price chart but offers no buy or sell signals or exit rules.
- volume momentum
- force index oscillator
- column plot
- EMA calculation
- zero line
Details
Published by
ryangaraygay on GitHub
Type
Indicator, Pine Script v5
Draws
Separate pane below the chart
Category
Oscillators & momentum, Volume, Moving averages
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| length | int | 13 | length |
| up force | color | color.new(color.aqua, 50) | upColor |
| down force | color | color.new(color.fuchsia, 50) | downColor |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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