The is an oscillator used to confirm price breakout strengths and identify potential trends.
It was popularized by A. Elder.
How the is computed ?
Knowing that is the fuel of a price movement, reliable breakouts and trend continuation are more likely to occur on high breakouts. This is why the is computed with the intensity of the price movement, and it's , using the formula ema13((close(n) - close(n-1)) * ).
How to use the force index
An important change in the indicate a strong momentum in the price action.
You can read more about the interpretation on Investopedia
You can display the indicator as an histogram, or as a line chart.
You can change length, although it's recommended to keep it at default value.
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.