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Worden Discussion Forum
Is there a way to code the Elder Force Index to come up with a number that you can compare between two stocks or have the daily percent change comparable. Since the number is dependent on the stock's underlying price and volume it makes comparing low vs high priced stocks and low vs. high volume stocks not possible. . I triied making it a percent change based on average price and volume but that did not seem to work. Any ideas or is this not possible?
Thanks for great quick programming, That is what I was looking for. It just proves to me I did not think up any new insights. I thought I had a new angle on the indicator but like you said it just shifts it a little with no insightful differences. Thanks for you help. The visual of the results is very helpful.
I ran your formula for the modified Force Index but it looks almost exactly the same as the original force index on the chart.
Thanks for the prompt response. The more I think about, what I am tyring to do is modify the Force Index by the close within the True Range. Eg a stock gaps up but closes at the low of the day. Instead of just multiplying the V*Price change it also takes into account the close within the TRUE range. Not sure if that would add any extra information that is interpretable over and above the original Force Indexx as the Forece Index indirectly takes that into account. Is that easily programmed?
Hi Bruce - I would like to moidfy Elders Force Index to take into account the close within its range. Thus if the close is up it would be multiplied by the volume (Elder Force Index) but that would be mullitplied by where it is wthin the range. From 0-100%. If the close is up and at 75% level the Elder Force model would be mulitplied by 0.75. If the close is down and the range is at the 25% level (the negative volume would be mulitplied by 75%). So it really depends on whether the close is above or below yesterdays close in addition also depends on whether the close is above or below the 50% level. I hope you get what I mean. Just trying to modify Elder Force by position within range. Thanks for all your great programming