Custom Formula Collection

Please refer to Dr. Elder for interpretation.

Here are the formulas for calculating the Elder Ray, and the Force Index.

Bull Power: H - Mov(C,13,E) (High minus the moving average)
Bear Power: L - Mov(C,13,E) (Low minus the moving average)

To plot the Elder Ray:

• Create the two custom formulas from above.
   
• Open the base security.
   
• Plot a 13-Period Exponential Moving Average of the closing price in a new inner window.
   
• Drag the Bear Power formula and drop it in a new inner window.
   
• Drag the Bull Power formula and drop it in a new inner window.
   
• Or, you may drop all three indicators in the same inner window if you wish.

The formula for the force index is:

V*(C-ref(C,-1))

NOTE: This formula requires the presence of volume data to work

To plot this formula as a histogram, after dropping the formula in an inner window, right click on the indicator and select properties. Select styles and choose the histogram.