OPEN-SOURCE SCRIPT
EDVEFI (Standard MA version)
EDVEFI (Enhanced Dynamic Volume EFI)
This indicator is designed to measure market strength and weakness by combining price movement with volume.
Unlike the traditional Elder Force Index (EFI), which uses only price change and volume, EDVEFI also incorporates candle structure, including price range and wick information, to better reflect market behavior.
The Dynamic EFI is displayed as a bar chart, allowing traders to visualize short-term changes in buying and selling pressure. The Smoothed EFI, calculated using a Simple Moving Average (SMA), serves as a baseline for identifying the overall market trend.
When the Dynamic EFI rises above the Smoothed EFI, it suggests strengthening market momentum. Conversely, when it falls below the Smoothed EFI, it may indicate weakening momentum.
By analyzing both price movement and volume, this indicator helps traders evaluate trend strength, shifts in market sentiment, and changes in buying or selling pressure.
EDVEFI is intended as a market analysis tool rather than a predictive indicator, providing insight into the underlying dynamics of market participation.
This indicator is designed to measure market strength and weakness by combining price movement with volume.
Unlike the traditional Elder Force Index (EFI), which uses only price change and volume, EDVEFI also incorporates candle structure, including price range and wick information, to better reflect market behavior.
The Dynamic EFI is displayed as a bar chart, allowing traders to visualize short-term changes in buying and selling pressure. The Smoothed EFI, calculated using a Simple Moving Average (SMA), serves as a baseline for identifying the overall market trend.
When the Dynamic EFI rises above the Smoothed EFI, it suggests strengthening market momentum. Conversely, when it falls below the Smoothed EFI, it may indicate weakening momentum.
By analyzing both price movement and volume, this indicator helps traders evaluate trend strength, shifts in market sentiment, and changes in buying or selling pressure.
EDVEFI is intended as a market analysis tool rather than a predictive indicator, providing insight into the underlying dynamics of market participation.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
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La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.