OPEN-SOURCE SCRIPT
Updated Market Facilitaion Index (coded by NGH)
The indicator endeavors to establish the effectiveness of price movement by computing the price movement per volume unit. This is accomplished by subtracting the days low from the high and dividing the result by the total volume.
More info : en.wikipedia.org/wiki/Market_facilitation_index
More info : en.wikipedia.org/wiki/Market_facilitation_index
Release Notes
The Market Facilitation Index (MFI) is the creation of Bill Williams. The indicator endeavors to establish the effectiveness of price movement by computing the price movement per volume unit. This is accomplished by subtracting the days low from the high and dividing the result by the total volume.More info : en.wikipedia.org/wiki/Market_facilitation_index
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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