Market Force Indicator for ThinkorSwim

[BenTen]

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.

thinkScript Code

# 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[1]) then absValue(close-close[1]) else 0;
def Y = if (close<close[1]) then absValue(close-close[1]) 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);

 

[john3]

To plot the arrows.

plot arrowup = if mf crosses above oversold then mf else double.NaN;

arrowup.setPaintingStrategy(paintingStrategy.ARROW_UP);
arrowup.assignValueColor(color.green);

plot arrowdown = if mf crosses below overbought then mf else double.NaN;

arrowdown.setPaintingStrategy(paintingStrategy.ARROW_DOWN);
arrowdown.assignValueColor(color.magenta);

To plot the arrows on the price chart, comment-out "declare: lower" and add this:

plot arrowup = if mf crosses above oversold then mf else double.NaN;

arrowup.setPaintingStrategy(paintingStrategy.ARROW_UP);
arrowup.assignValueColor(color.green);

plot arrowdown = if mf crosses below overbought then mf else double.NaN;

arrowdown.setPaintingStrategy(paintingStrategy.ARROW_DOWN);
arrowdown.assignValueColor(color.magenta);

plot SignalUP = if arrowup then HL2 else double.nan;
SignalUP.SetDefaultColor(Color.CYAN);
SignalUP.SetPaintingStrategy(PaintingStrategy.ARROW_UP);

plot SignalDOWN = if arrowdown then HL2 else double.nan;
SignalDOWN.SetDefaultColor(Color.MAGENTA);
SignalDOWN.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);

 

[marine]

good afternoon

what is the different btw this indicator and the rsi

 

[BenTen]

@marine Both will show overbought and oversold but using different method/calculation.

 

[horserider]

This is the best indicator that measures the strength of the market and //predicts its movement.

 

[BenTen]

@horserider Yup! Just kidding, not my saying. Just quoted the original author.

 

[tradebyday]

Threw Tarzan on it for the fun of it, someone else can test and play with it if they wish

# Market Force Tarzan
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/SmMnX3ZK-forcemarket/
#Modified by TradeByDay

declare lower;

input D = 21;
input D1 = 31;

input L1 = 30;
input L2 = 50;
input L3 = 70;

def X = if (close>close[1]) then absValue(close-close[1]) else 0;
def Y = if (close<close[1]) then absValue(close-close[1]) 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);

input length = 20;
input ma_length = 21;
input koridor  = 5;

input price = close;

def ma = ExpAverage(mf, 50);
plot upper = ma + koridor;
upper.SetDefaultColor(GetColor(8));
plot lower = ma - koridor;
lower.SetDefaultColor(GetColor(8));

plot k = ma;
k.SetPaintingStrategy(PaintingStrategy.LINE_VS_SQUARES);
k.AssignValueColor(if mf > upper then Color.GREEN else if mf < lower then Color.RED else Color.GRAY);

#End

 

[8Nick8]

Hi, may i know how to build this as a scan to scan out stock that have arrow up on the chart..many thanks

Hi, I have added the quote but this is what i got...may i know where did i get it wrong? Thank

This is the code i have amended to have the arrows on the chart...but i m not getting right...appreciate any guidance...thank you

 

[BenTen]

@Nick That code is incorrect. What are you trying to scan for?

 

[8Nick8]

@Nick That code is incorrect. What are you trying to scan for?

Hi @BenTen, what i wanted to do is to have the arrows plotted on the chart and I added the code provided by @john3. I was wondering if we can use the codes to scan out stocks cross below the L3 or L1. Thank you

 

[BenTen]

@Nick Sorry for getting back to you so late. My wifi has been very unstable. You do not need any additional code to use with the scanner.

Here is an example: this would scan for the blue line (mf) crossing below the Overbought line (red). You can use the same logic for whichever line you wish to use.

 

[8Nick8]

Wow...Thanks @BenTen Really appreciate that!!

 

[hectorgasm]

hey @BenTen this indicator is amazing, can you explain a little more what's your reasoning or how you built it so I can contribute with my insights? thank you so much!

 

[BenTen]

@hectorgasm This indicator was converted from TradingView. I did not build it from scratch.

 

[hectorgasm]

@BenTen just tried a new setup and this looks really good with the True Strenght Index but I can't figure out how to get it normalized, do you have any idea?

 

[BenTen]

@hectorgasm Did you drag/drop multiple indicators into the same lower study? If so, most likely it will create scaling issues.

 

[hectorgasm]

@BenTen yes, i just dragged it down, it gives valid signals like that but i wonder if it could be scaled properly into one indicator

 

[ikpllc]

@stocksniper Define the condtion. You can the arrow when stock is at overbought and oversold?

@BenTen , really awesome work on this one. Seems easy and accurate. For the scan portion...thoughts on how to capture any crossover that has sustained for the last day (or 2 days) as opposed to capturing any crossover that has happened just once in the last day?

 

[BenTen]

@ikpllc You can always increase the "within X bar" in your scanner and that will extend past how many candles you're looking for.