to discover the force of bulls or bears behind every rally or decline.
It brings together three essential pieces of information the direction of price
change, its extent, and the during that change. It provides a practical way of
using for making trading decisions.
can be used in its raw form, but its signals stand out much more
clearly if we smooth it with a moving average. Using a short of
helps pinpoint entry and exit points. Using a longer helps confirm trends.
Efi long > 0 ( ) and efi short < 0 = buy signal (green bar)
Efi long < 0 (bear trend) and efi short>0 = sell signal (red bar)
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 a publication is governed by House Rules. You can favorite it to use it on a chart.