Hi,
This Indicator plots the Force Index as described by Dr. Alexander
Elder in "Trading For a Living." The ForceIndex indicator relates
price to volume by multiplying net change and volume. ForceIndex is
calculated using the following equation:
ForceIndex = Volume(today) * (Close(this period) - Close(last period))
ForceIndex is...
***** NOTE: You may see all GREEN circles (it is due to a recent TV update). To work around this issue, change the "Circles" to "Cross" via Format -> Style *****
Market Facilitation Index, by Bill Williams, plots the effectiveness of price movement by computing the price movement per volume unit.
4 possible combinations of MFIndex and Volume are:
Green :...
TMF is a CMF (Chaikin Money Flow) variation that addresses some of the gaps in the original indicator. More info: www.incrediblecharts.com
TMF uses true range, rather than daily Highs minus Lows. Also, uses Wilder's MA rather than SMA/EMA.
Since I had to write Wilder's MA (WiMA) for TMF, I have published that also as a separate indicator. WiMA is like EMA, but...
For the momentum trader there are plenty of price momentum indicators, here's one that tracks the volume's momentum. Rising momentum in both price and volume is great for any momentum trader.
Add this to your chart, play with the settings, and maybe you'll notice something new!
Grab the source code here: pastebin.com
Installation video by @ChrisMoody here :...
![MSFT: Indicator: Market Facilitation Index [MFIndex]](https://s3.tradingview.com/0/0BANZQhK_mid.png "Indicator: Market Facilitation Index [MFIndex]")
![BTCUSD: Indicators: Twiggs Money Flow [TMF] & Wilder's MA [WiMA]](https://s3.tradingview.com/j/Jccjg8CR_mid.png "Indicators: Twiggs Money Flow [TMF] & Wilder's MA [WiMA]")
