Twiggs_Money_Flow - indicator for MetaTrader 5

Calculations:

TMF = WMA(ADV) / WMA(Volume)

where:

WMA - Wilder's Smoothing Average with the smoothing average k = 1/Period
ADV = Volume * (2*Close - TRL - TRH) / TR
TRH = Maximum(High, PrevClose)
TRL = Minimum(Low, PrevClose)
TR = TRH-TRL

Interpretation:

• Positive values of Twiggs Money Flow point to a bullish trend in the market, negative values indicate a bearish trend.
• The greater the oscillator value (above or below zero), the stronger the signal.
• Long position entry is performed when the resistance line is broken upwards and Twiggs Money Flow is above zero.
• Short position entry is performed when the support line is broken downwards and Twiggs Money Flow is above zero.
• The divergence of the oscillator line and the price also provides good signals:
  • Long position entry at a bullish divergence.
  • Short position entry at a bearish divergence.