Reply To: Chaikin Money Flow Indicator

Optuma Forums Optuma Scripting Chaikin Money Flow Indicator Reply To: Chaikin Money Flow Indicator

#60671
AvatarTonia
  • Topics: 8
  • Replies: 11
  • Posts: 19

Hi Darren/Optuma
I use Optuma’s Chaikin Money Flow indicator a lot but wanted to compare it with Twiggs Money Flow, which Optuma doesn’t have in the tools menu. Is there any chance you could script it for me. I have found a Twiggs formula available publicly, which might help to create a script. If this is possible, I would very much appreciate it as one of my strategies requires Twiggs over Chaikin. I have split the formula into steps:-
Twiggs Money Flow calculation could be split into several steps:

To Calculate Highest High (HH) and Lowest Low (LL)
LL = minimum(current low or previous close)
HH = maximum(current High or previous close)

To Calculate TMF (Twiggs Money Flow):
TMF = EMA[Volume *((Close – LL) / (HH – LL) * 2 – 1 )] / EMA[Volume] * 100
or by steps:calculate range
Range = (Close – LL) / (HH – LL) * 2 – 1 )
or
Range = (2*Close – LL- HH) / (HH – LL)

To Calculate Range Volume (weighed by the Range volume)
RangeV = EMA (Volume * Range)

To Calculate TMF
TMF = RangeV / EMA(Volume) * 100
Apply EMA to TMF as second signal line

TMF Signal Line = EMA(TMF)

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