Hull MACD with Force Index Backcolors
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!
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This is amazing. Thank you!
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netrin netrin
@Tom1trader, Ok seriously, after several days working with this indicator now it may become one of my standards. I've been interested in HMA for a while, since it really stands out in its capabilities and versatility. Your work helped my study of HMA click, and has also gotten me more interested in EFI, which I at first had dismissed. At the risk of being too effusive, thanks again for giving such valuable content for free. I don't come across work of this quality every day. Followed.
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@netrin, I have put the EFI backcolors on several indics and usually when want a feel for direction in a trade am looking at that or at OBV/On Balance Volume among other stuff- for one example tradingview gives a TA tech analysis thumbnail on details in middle right column of top icon (watchlist) with a simple pointer and a left to right bar sell to buy pointer on red pink white light green green - giving the summation of whatever TA they are doing (I imagine it result of a set of indicators.). Anyhow thanks for comments, you are not too effusive to me. Hope anything I put up helps and happy trading!
+1 Phản hồi
@netrin, Thanks for comment! You are welcome. I love working with indics but trade options more by rough sentiment and probabilities.
+1 Phản hồi
Found the extra (those except the zero line) hlines restricted the scale and removed them.
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I see above when I abbreviated the Elder Force index as the letters E F and I together it displayed it as a symbol. Lines 34, 35 and 36 give the Elder Force Index formula as you can see it is made up from price and volume.
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