Volume Indicator: Money Flow Index (MFI)

[Nikolay.Gekht]

MFI is a momentum indicator, similar to RSI (Relative Strength Index), but it's more rigid because it is volume-weighted, and, therefore, is a good method to measure of the strength of money flowing in and out of a security. As RSI, the MFI scale is 0 - 100 and the indicator is often calculated using a 14 day period.

Formula:
Typical Price is (High + Low + Close) / 3

Positive = Typical * Volume IF Typical > Typical[previous]
Negative = Typical * Volume IF Typical < Typical[previous]
R(N) = Sum(Positive, N) / Sum(Negative, N)
MFI(N) = 100 - (100 / (1 + R(N))

Download:

mfi.lua

(2.31 KiB) Downloaded 2568 times

MFI with Alert.lua

(15.56 KiB) Downloaded 708 times

Tick MFI.lua

(3.15 KiB) Downloaded 202 times

[bgmays]

Great work! I found this to be very accurate. The only problem I have is that I need to draw a center line at 50.00. Is there any way that you could add an option to show the center line and pick a color?

[trendwatch]

Nice indicator! Just wondering where I can find the middle indicator as seen on the screenshot. Labeled: "Volume: 23". I've seen it on other topics too, but I just can't find it.

[Apprentice]

Your request is added to the developmental cue.

[sunshine]

Nice indicator! Just wondering where I can find the middle indicator as seen on the screenshot. Labeled: "Volume: 23". I've seen it on other topics too, but I just can't find it.

Just right-click on your chart and choose Show Tick Volume:

[trendwatch]

Thanks sunshine.

[Alexander.Gettinger]

Great work! I found this to be very accurate. The only problem I have is that I need to draw a center line at 50.00. Is there any way that you could add an option to show the center line and pick a color?

Please, see this version of indicator:

mfi.lua

(2.88 KiB) Downloaded 1756 times

[JPNWV7]

I tried to download this indicator & got a Error Message?

[Apprentice]

Can you describe in more detail which Error Message you got.
In this way, I can not help you.

I need more information.

[JPNWV7]

Can you describe in more detail which Error Message you got.
In this way, I can not help you.

I need more information.

Thanks, but I figured it out.

I was downloading indicators under Manage strategy & it wouldn't download

Then I tried downloading under manage Indicator & it worked.

Sorry about all this, but I'm new.


Thanks for the help & response, I'm sure I'll have more questions