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Indicators

MFI_normalized - indicator for MetaTrader 5

Views:
5954
Rating:
(22)
Published:
2019.01.02 14:40
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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:

  • MFI period - MFI calculation period
  • MFI applied volume - volume used for MFI calculation
  • BB period - Bollinger Bands calculation period
  • BB deviation - Bollinger Bands deviation

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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