PipTick Effort Index
PipTick Effort Index indicator is based on the work of Karthik Marar, volume spread analysis trader. It compares the price change (Result) to the size of the volume (Effort) for a certain period. By comparing the effort and result we can get more information about the future price movement. Both values are normalized and converted to a scale of 0 – 100 % based on a selectable look-back period.
The Law of Effort and Result
The law of effort vs. result states that the change in the price of a trading vehicle is the result of an effort expressed by the level of volume and that harmony between effort and result promotes further price movement while lack of harmony promotes a change in direction.
Main Features
- Works on every timeframe (M1, M5, M15, M30, H1, H4, D1, W1, MN)
- Ready for backtesting (customizable Sessions_Back)
- The indicator compares the change in price (Result) to the size of the volume (Effort)
- Customizable parameters (Colors, Line thickness...)
- Very fast calculation
- Available for MT4 and MT5
Input Parameters
- Volume_Method - Allows choosing between real and tick volume
- Effort_Index_Period - Period of the indicator
- MA_Method - Allows choosing between SMA, SMMA, LWMA, and EMA
- MA_Period- Period of the MA calculation
- Line_Thickness - Thickness of output line
- Histogram_Thickness - Thickness of output histogram
- Color_Average - Color of the average histogram
- Color_Result - Color of the price change histogram
- Color_Effort - Color of the volume histogram
Output Parameters
- Result - Value of the price change histogram
- MA_Result - Value of the average price change
- Effort - Value of the volume histogram
- MA_Effort - Value of the average volume
Screenshots
Purchase
All our products are available in the MQL5 market.