Effort Index
Effort Index in Amibroker measures the relationship between price changes and volume traded. With the support of Amibroker’s data feed, this indicator helps traders assess the effort behind price movements, offering insights into the strength or weakness of trends.
///Volume Price Analysis - Effort Index Afl - Version 1.0
//=====================Basic Section=======================================
_SECTION_BEGIN("Effort versus Result- V.1.0");
SetChartOptions(0,chartShowArrows|chartShowDates);
Vlp=Param("Volume lookback period",30,20,300,10);
Vrg=MA(V,Vlp);// average volume
spread=(H-L);
avgSpread=Wilders(spread,Vlp);
//----------------------EFFORT Index indicator code trial------------
Effort=V*spread*(C-Ref(C,-1));
effortSmt=(Effort+(2*Ref(Effort,-1))+(2*Ref(Effort,-2))+Ref(Effort,-3))/6;
avgEffort=Vrg*avgSpread*(C-Ref(C,-1));
avgEffortSmt=(avgEffort+(2*Ref(avgEffort,-1))+(2*Ref(avgEffort,-2))+Ref(avgEffort,-3))/6;
//----------plotting----------------------
Plot(avgEffortSmt,"Average Result",colorRed,2|styleThick);
Plot(effortSmt,"Effort Index",colorLime,2|styleThick);
PlotShapes(IIf(C>Ref(C,-1),IIf(effortSmt>0,shapeSmallCircle+shapePositionAbove,shapeSmallCircle),shapeNone),colorLime,effortSmt,effortSmt);
PlotShapes(IIf(C0,shapeSmallCircle+shapePositionAbove,shapeSmallCircle),shapeNone),colorRed,effortSmt,effortSmt);
PlotShapes(IIf(C0,shapeHollowCircle+shapePositionAbove,shapeSmallCircle),shapeNone),colorRed,effortSmt,effortSmt);
PlotShapes(IIf(C>Ref(C,-1),IIf(effortSmt<0,shapeHollowCircle,shapeSmallCircle+shapePositionAbove),shapeNone),colorLime,effortSmt,effortSmt);