Is it possible to create your own (fairly simple) technical indicator?
I want to divide the 2-day EMA Force Index, Force(2) by the previous period's (I.E. yesterday's) Close.
Force Index Percentage = Volume of Current Period x (Close of Current Period - Close of Previous Period) / Close of Previous Period.
This is similar in concept to using the PPO instead of the MACD. An effort to normalize the technical indicator across multiple stocks with varying prices.
Force Index Percentage = Volume of Current Period x (Close of Current Period - Close of Previous Period) / Close of Previous Period.
This is similar in concept to using the PPO instead of the MACD. An effort to normalize the technical indicator across multiple stocks with varying prices.
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Answers
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In theory, it's possible, yes. In practice, it would be a lot of work, unless you have access to a data stream and programming skills. If you want to download data from Stockcharts for each stock you want to compare and create an Excel spreadsheet with the Force formula plus your calculations, it would take quite a bit of time each day.
But if you want to try, here's the Force formula:
https://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:force_index
And here's how you upload a custom index:
https://stockcharts.com/docs/doku.php?st=user+defined+index&id=data:user-defined_indexes0
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