What it does
Elder's Force Index measures the power behind each price move by multiplying the bar-to-bar price change by that bar's volume, then smoothing the result with an EMA (commonly 13 periods, or 2 for short-term timing). A big price change on heavy volume produces a large reading, while the same change on thin volume barely registers. Positive values indicate net buying force, negative values net selling force.
How to add it
Click Indicators (ƒx) in the header.
Search “Elder's Force Index” and click the result.
Hover its legend row and click the gear to open settings.
How traders use it
- With the 13-period EMA, sustained readings above zero confirm bull control and below zero confirm bear control; use the zero cross as a trend-bias switch.
- Alexander Elder's own tactic: in an uptrend, buy when the 2-period Force Index dips below zero (a pullback), and in a downtrend sell when it pops above zero.
- Divergence, such as price making a new low while Force Index makes a shallower low, signals fading selling pressure before reversals.
- A price breakout accompanied by a Force Index spike is far more trustworthy than one on a flat reading.
Inputs
| Input | Type | Default | Range / Options |
|---|---|---|---|
| Length | number | 13 | 1–2000 |
Plots & styling
| Plot | Style | Default color |
|---|---|---|
| Plot | line | #F23645 |
Every plot's color, line width and visibility can be changed on the Style tab. Precision, price-scale labels and status-line values are configurable at the bottom of the Style tab.
Reference levels
| Level | Value |
|---|---|
| Zero | 0 |
Level values, colors and line styles are editable in settings.
Tips
- Use Add to favorites in the legend menu; starred studies surface at the top of the picker.
- Reference levels (where the study has them) are editable — tune them to the instrument you're trading.
- Hide the study from the legend eye instead of removing it when you only want it out of the way temporarily.
Watch out for
- It is unbounded and dominated by volume spikes, so one huge bar can distort the scale and mask everything around it.
- It requires meaningful volume data; on instruments without reliable volume the indicator degenerates into smoothed price change.