Another indicator that shows when a stock is overbought or oversold. Not sure why the original source code is no longer available. But I was able to obtain part of the description from an old copy.
This is the best indicator that measures the strength of the market and //predicts its movement.
# Market Force # Assembled by BenTen at useThinkScript.com # Converted from https://www.tradingview.com/script/SmMnX3ZK-forcemarket/ declare lower; input D = 21; input D1 = 31; input L1 = 30; input L2 = 50; input L3 = 70; def X = if (close>close) then absValue(close-close) else 0; def Y = if (close<close) then absValue(close-close) else 0; def X1 = highest(X, D); def Y1 = highest(Y, D); def W = 100 * X1 / (X1 + Y1); def W1 = 100 * simpleMovingAvg(X, D1) / (simpleMovingAvg(X, D1) + simpleMovingAvg(Y, D1)); plot mf = W1; plot oversold = L1; plot middle = L2; plot overbought = L3; oversold.setDefaultColor(color.green); middle.setDefaultColor(color.gray); overbought.setDefaultColor(color.red);