OPEN-SOURCE SCRIPT
Hull MACD with Force Index Backcolors
https://www.tradingview.com/chart/OsBXckpZ/
Like many other indicators this tells the past and it will dutifully follow the future price changes whatever they will be.
This is an upgrade of the "Hull Moving Average Convergence/Divergence" low lag indicator in my scripts. Added Elder Force Index (background colors) to include effects of Volume.
When EFI goes positive the background goes green, when it slopes up (more positive than previous bar) it is darker green. Negative red and slope down darker red.
I find it useful in all time frames but I use mostly hour and day. The direction color combined with price action and macd tell whether the volume supports the price movement and the shading (darker green for increasing up volume and darker red for increasing down volume) tells of the degree of support.
Since when the EFI is positive and dropping, for example, the price can be dropping with opposite for negative.
Dark shading tells where the EFI and possibly the price is headed (at the moment).
Light shading says to check more on other indications for likely direction.
Changed also the histogram color so it stands out of background and added hlines to make relative volatility and peak height easier to see.
Anyway help yourself if any of this code is useful to you, enjoy, happy trading and Keep Smiling!
Like many other indicators this tells the past and it will dutifully follow the future price changes whatever they will be.
This is an upgrade of the "Hull Moving Average Convergence/Divergence" low lag indicator in my scripts. Added Elder Force Index (background colors) to include effects of Volume.
When EFI goes positive the background goes green, when it slopes up (more positive than previous bar) it is darker green. Negative red and slope down darker red.
I find it useful in all time frames but I use mostly hour and day. The direction color combined with price action and macd tell whether the volume supports the price movement and the shading (darker green for increasing up volume and darker red for increasing down volume) tells of the degree of support.
Since when the EFI is positive and dropping, for example, the price can be dropping with opposite for negative.
Dark shading tells where the EFI and possibly the price is headed (at the moment).
Light shading says to check more on other indications for likely direction.
Changed also the histogram color so it stands out of background and added hlines to make relative volatility and peak height easier to see.
Anyway help yourself if any of this code is useful to you, enjoy, happy trading and Keep Smiling!
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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