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20 February 2011

Twiggs Money Flow

Twiggs Money Flow is a derivation of Chaikin Money Flow indicator, which is in turn derived from the Accumulation Distribution line. However, Twiggs Money Flow makes two basic improvements to the Chaikin Money Flow formula:

To solve the problem with gaps, Twiggs Money Flow uses true range, rather than daily Highs minus Lows.
And, rather than a simple-moving-average-type formula, Twiggs Money Flow applies exponential smoothing, using the method employed by Welles Wilder for many of his indicators.
To know more, please go to:
http://www.incrediblecharts.com/technical/twiggs_money_flow.htm
(See also hyperlink above in "Origin" field)
Formula:
_SECTION_BEGIN("Twiggs Money Flow");
/*
Twiggs Money Flow is a derivation of Chaikin Money Flow indicator, which is in
turn derived from the Accumulation Distribution line.
However, Twiggs Money Flow makes two basic improvements to the Chaikin Money
Flow formula:
1-To solve the problem with gaps, Twiggs Money Flow uses true range, rather
than daily Highs minus Lows.
2-And, rather than a simple-moving-average-type formula, Twiggs Money Flow
applies exponential smoothing, using the method employed by Welles Wilder for
many of his indicators.
*/

periods = Param( "Periods", 21, 5, 200, 1 );
TRH=Max(Ref(C,-1),H);
TRL=Min(Ref(C,-1),L);
TR=TRH-TRL;
ADV=V*((C-TRL)-(TRH-C))/ IIf(TR==0,9999999,TR);
WV=V+(Ref(V,-1)*0);
SmV= Wilders(WV,periods);
SmA= Wilders(ADV,periods);

TMF= IIf(SmV==0,0,SmA/SmV);
Plot( TMF, _DEFAULT_NAME(), ParamColor("color", colorCycle ),
ParamStyle("Style") );
_SECTION_END();

To add color filled into add this code at the bottom before the _SECTION_END ();

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Plot( TMF, _DEFAULT_NAME(), ParamColor("color", colorCycle ), ParamStyle("Style") ); //Chris
m = IIf(SmV==0,0,SmA/SmV); //Chris
PlotOHLC( m,m,0,m, _DEFAULT_NAME(), IIf( m > 0, colorGreen, colorRed ), styleCloud); //Chris

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http://www.amibroker.com/guide/afl/afl_view.php?id=122

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