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Published:

2 January 2019, 14:40

MFI_normalized.mq5 (11.93 KB) view

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John Bollinger MFI Money Flow Index), normalized.

Bollinger Bands are used for calculating overbought/oversold zones.

There are four input parameters:

Calculation:

NormMFI = (MFI-BL) / (TL-BL)

where:

TL = BBands(MFI, BB period, BB deviation, UPPER_BAND)
BL = BBands(MFI, BB period, BB deviation, LOWER_BAND)

MFI - Money Flow Index(MFI period, MFI applied volume)
BBands - UPPER_BAND and LOWER_BAND of Bollinger Bands

Fig.1. MFI normalized

Fig.2. MFI normalized + MFI

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/23285

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