Force Index JMA Metatrader 5 Forex Indicator
The Force index JMA Metatrader 5 forex indicator is sometimes referred to as “the index,” and as a renowned technical analysis tool, it was introduced by Alexander Elder in his book Trading for A Living.
In addition, the well-known Jurik Moving Average or JMA is used in the calculation for the Force index JMA MT5 forex indicator instead of deploying the exponential moving average for this purpose.
The indicator deploys the following calculation:
Force Index (1) = [Close (current period) – Close (prior period)] x Volume
Force Index (13) = 13-period Exponential Moving Average of Force Index (1)
Short-term trends are highlighted using the 13-period average, and is appropriate for shorter-term traders such as scalpers and day traders.
A 200-period Force Index average will depict longer-term trends and is preferred by longer-term traders.
The GBP/USD H1 chart below displays the Force index JMA Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the line of the Force index JMA Metatrader 5 forex indicator hovers above the zero level, while a deep sky blue filling gets formed above the said level.
Sell Signal: Go short when the line of the Force index JMA Metatrader 5 forex indicator hovers below the zero level, while the indicator forms a pink filling below the said level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the Force index JMA indicator line breaks below the zero level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the Force index JMA indicator line breaks above the zero line.
Tips: If you are looking to get in and out of the currency market during the day’s session, then the Force index – JMA indicator is the tool for you, as a result of the short-term alert cycles that it creates.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Smoothing period, Smoothing phase, Volume to use), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the Force index – JMA.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)