If you’re diving into the world of trading, the Money Flow Index (MFI) is an essential tool you’ll want to have in your arsenal. This nifty indicator uses the typical price to help gauge market momentum. In this post, I’ll walk you through the details of the MFI and highlight a tweak I made to allow for the selection of various applied prices.
Input Parameters:
Here’s a quick rundown on the different applied price options you can choose from:
- 0 – Close price,
- 1 – Open price,
- 2 – High price,
- 3 – Low price,
- 4 – Median price (calculated as (high + low) / 2),
- 5 – Typical price (calculated as (high + low + close) / 3),
- 6 – Weighted close price (calculated as (high + low + close + close) / 4).
Indicator MFI_price
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