Market Facilitation Index (MFI)
//////////////////////////////////////////////////////////// // Copyright by HPotter v1.0 10/06/2014 // The Market Facilitation Index is an indicator that relates price range to // volume and measures the efficency of price movement. Use the indicator to // determine if the market is trending. If the Market Facilitation Index increased, // then the market is facilitating trade and is more efficient, implying that the // market is trending. If the Market Facilitation Index decreased, then the market // is becoming less efficient, which may indicate a trading range is developing that // may be a trend reversal. //////////////////////////////////////////////////////////// study(title="Market Facilitation Index (MFI)", shorttitle="MFI") xmyVol = volume xmyhigh = high xmylow = low nRes = (xmyhigh - xmylow) / xmyVol plot(nRes, color=green, title="MFI", style = histogram)