Market Facilitation Index

[eSignal]

File Name: MFI.efs

Description:
Market Facilitation Index (MFI)

Formula Parameters:
Source of Volume : Volume
Color Histogram : Green
Display Title Value : True


Notes:
The Market Facilitation Index is an indicator that relates price range to
volume and measures the efficency of price movement. Use the indicator to
determine if the market is trending. If the Market Facilitation Index increased,
then the market is facilitating trade and is more efficient, implying that the
market is trending. If the Market Facilitation Index decreased, then the market
is becoming less efficient, which may indicate a trading range is developing that
may be a trend reversal.


Download File:
MFI.efs



EFS Code:

/*********************************
Provided By:  
    eSignal (Copyright c eSignal), a division of Interactive Data 
    Corporation. 2009. All rights reserved. This sample eSignal 
    Formula Script (EFS) is for educational purposes only and may be 
    modified and saved under a new file name.  eSignal is not responsible
    for the functionality once modified.  eSignal reserves the right 
    to modify and overwrite this EFS file with each new release.

Description:        
    Market Facilitation Index (MFI)

Version:            2.0  05/27/2009
 
Formula Parameters:                     Default:
    Source of Volume                    Volume
    Color Histogram                     Green
    Display Title Value                 True
    
Notes:
    The Market Facilitation Index is an indicator that relates price range to 
    volume and measures the efficency of price movement. Use the indicator to 
    determine if the market is trending. If the Market Facilitation Index increased, 
    then the market is facilitating trade and is more efficient, implying that the 
    market is trending. If the Market Facilitation Index decreased, then the market 
    is becoming less efficient, which may indicate a trading range is developing that 
    may be a trend reversal.

**********************************/
var fpArray = new Array();
var bInit = false;
var bBail = false; 

function preMain() {
    setPriceStudy(false);
    setShowCursorLabel(true);
    setShowTitleParameters(false);
    setStudyTitle("Market Facilitation Index ");
    setCursorLabelName("MFI", 0);
    setDefaultBarFgColor(Color.red, 0);
    setPlotType(PLOTTYPE_HISTOGRAM, 0); 
    setDefaultBarThickness(1, 0);
    askForInput();
    var x=0;
    fpArray[x] = new FunctionParameter("LineColor", FunctionParameter.COLOR);
    with(fpArray[x++]){
        setName("Color Histogram");
        setDefault(Color.green);
    }    
    fpArray[x] = new FunctionParameter("ViewValue", FunctionParameter.BOOLEAN);
    with(fpArray[x++]){
       setName("Display Title Value");
       setDefault(true);
    }    
    fpArray[x] = new FunctionParameter("sMyVol", FunctionParameter.STRING);
    with(fpArray[x++]){
       setName("Source of Volume");
       setDefault("volume");
    }        
}

var xMFI = null;

function main(sMyVol, LineColor, ViewValue) {
var nBarState = getBarState();
var nMFI; 
    if (nBarState == BARSTATE_ALLBARS)  {
        sMyVol = "volume";
        LineColor = Color.green;
        ViewValue = true;
    }
    if ( bBail == true ) { 
        return; 
    }     
    if ( bInit == false ) { 
        if (isRawTick() == true) { 
            setStudyTitle("Sorry. This script does not run in tick charts.")
            bBail = true; 
            return; 
        } else {
            setStudyTitle("Market Facilitation Index");
        }
        setDefaultBarFgColor(LineColor, 0);
        setShowCursorLabel(ViewValue);
        xMFI = efsInternal("Calc_MFI", sMyVol);
        bInit = true; 
    } 
    nMFI = xMFI.getValue(0);
    if (nMFI == null) return;
    return nMFI;
}

var bSecondInit = false;
var xmyVol = null;
var xmyhigh = null;
var xmylow = null;

function Calc_MFI(sMyVol) {
var nRes = 0;
var nmyhigh = 0;
var nmylow = 0;
    if (bSecondInit == false) {
        xmyVol = eval(sMyVol)();       
        xmyhigh = high();
        xmylow = low();
        bSecondInit = true;
    }
    nRes   = xmyVol.getValue(0);
    nmyhigh = xmyhigh.getValue(0);
    nmylow  = xmylow.getValue(0);
    if (nmyhigh == null) return;
    nRes = (nmyhigh - nmylow) / nRes * 10000;
    return nRes;     
}