Market Facilitation Index - Revisited

[cpatte7372]

Hello all,

I sometime ago, Duane help me compile a script that would chart the Market Facilitation Index. I was wondering if sometime could help me tweak the efs so that it charts the historgram as shown in attached image.

Many thanks.

Carlton

P.S.
I will send the efs after this thread.

[cpatte7372]

Hi again,

Attached is the efs that I'm hoping that someone will be able to help me tweak as mentioned.

Cheers

Carlton

I would also like to take this moment to say a big thanks to all those of you that have been so helpful to me over the last couple of years and I wish you all a Merry Christmas and Prosperous New Year.

[dloomis]

What is the color scheme logic?

[cpatte7372]

Hi David,

The colour scheme is as follows:

Changes in the value of this index are typically compared to changes in volume to determine the interest that the market has in the current price trend. Four possible combinations can occur, each with its own label.

Index Up, Volume Up (Green)
The market is moving primarily in one direction and more people are participating in the market. This is a good time to already be in the market in the direction that prices are moving.

Index Down, Volume Down (Fade)
The market is idling, typically due to fading interest. Often, this occurs towards the end of a trend. However, the direction of a next new trend could be in either direction.

Index Up, Volume Down (Fake)
The market is moving primarily in one direction, but there are no new participants generating additional volume. While less volume is moving the price, the activity may be generated primarily on the floor, faking the actual off-floor market sentiment.

Index Down, Volume Up (Squat)
The volume is increasing, indicating more trading, but the price is not moving as strongly in the same direction. This typically occurs prior to a significant move in the opposite direction. Close attention should be paid to the direction the price moves when breaking out of this slowdown.


Cheers David

[dloomis]

You can adjust the colors, but this should be a step in the right direction.

function preMain(){

setStudyTitle("MFIcolors");
setCursorLabelName("MFI", 0);
setPlotType(PLOTTYPE_HISTOGRAM);
}

var color=0
var MFIold=0;
var sMyVol="Volume";
var MFI=0;

function main(){
if(getBarState()==BARSTATE_NEWBAR)
MFIold=MFI
var MyVol = "Volume";
if (sMyVol != null) MyVol = sMyVol;
var Range = high(0) - low(0);
var Vol = getValue(MyVol,0);
//var MFI = 0.0;
if (Vol > 0) MFI = Range / Vol * 1000000000;
else MFI = 0;

debugPrintln(MFI+" "+MFIold)

if(MFI>MFIold && volume()>volume(-1))
setBarFgColor(Color.green)
if(MFI<MFIold && volume()<volume(-1))
setBarFgColor(Color.red)
if(MFI>MFIold && volume()<volume(-1))
setBarFgColor(Color.black)
if(MFI<MFIold && volume()<volume(-1))
setBarFgColor(Color.blue)

return MFI;
}

[cpatte7372]

Hey David mate,

Thanks a lot. Its terrific. I hope I'm able to help you out sometime.

Cheers

Carlton