LazyBear

Indicators: Twiggs Money Flow [TMF] & Wilder's MA [WiMA]

TMF             is a CMF             ( Chaikin Money Flow ) variation that addresses some of the gaps in the original indicator. More info: http://www.incrediblecharts.com/indicators/twiggs_money_flow.php

TMF             uses true range, rather than daily Highs minus Lows. Also, uses Wilder's MA rather than SMA/EMA.

Since I had to write Wilder's MA (WiMA) for TMF             , I have published that also as a separate indicator. WiMA is like EMA , but with a different "alpha" value.

How to include this in your charts?
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- Click on "Share" button (top right on this chart). A dialog box opens up.
- Click on "Make it mine" button. This will create a copy of my published chart for you to edit.
- You can click on "{}" button next to the indicator name to get access to the source code.
- Save it to your CustomScripts library.

Remove from Favorite Scripts Add to Favorite Scripts
//
// @author LazyBear
// @credits http://www.incrediblecharts.com/indicators/twiggs_money_flow.php
// 
// If you use this code in its original/modified form, do drop me a note. 
//
study("Twiggs Money Flow [LazyBear]", shorttitle="TMF_LB")
length = input( 21, "Period")
WiMA(src, length) => 
    MA_s=(src + nz(MA_s[1] * (length-1)))/length
    MA_s
    
hline(0)
tr_h=max(close[1],high)
tr_l=min(close[1],low)
tr_c=tr_h-tr_l
adv=volume*((close-tr_l)-(tr_h-close))/ iff(tr_c==0,9999999,tr_c)
wv=volume+(volume[1]*0)
wmV= WiMA(wv,length)
wmA= WiMA(adv,length)
tmf= iff(wmV==0,0,wmA/wmV)
plot(tmf, style=area)

Hey guy, was about to make a Twiggs Money Flow script when you popped up as the second result on Google. Gonna use yours. Thanks alot :)
Reply
LazyBear PRO RimmerDall
yw
Reply
Very nice!
ToS has a really nice indicator called the "BalanceOfMarketPower" indicator which I set to exponential 21 period. Any chance you can program a script for this indicator?
Reply
Thanks.

I already have posted a BalanceOfPower indicator -
Indicator: Balance Of Power
. Is this the one you are referring to?
Reply
mika2k1 LazyBear
I don't think so. It doesn't match with the one on ToS.
Reply
The only BalanceOfPower I see in TOS is this - http://tlc.thinkorswim.com/center/charting/studies/studies-library/A-B/BalanceOfMarketPower

This is what the TV indicator link I posted above does. You can configure the MA (it does SMA, but you can change it to EMA) period in the option dialog.


More explanation on this indicator:
http://technical.traders.com/tradersonline/display.asp?art=470

If this is not what you are referring to, probably it is a custom indicator. Please post more info on that (links, images, ...) here. Thx.
Reply
mika2k1 LazyBear
This is what I have on ToS:
https://plus.google.com/u/0/photos/111947774710886151608/albums/6010732078104823281/6010732080991451170?pid=6010732080991451170&oid=111947774710886151608

When I try to set the same parameters on TV, it's giving me a different chart.
Reply
I see what ToS is doing (they are only plotting EMA)...I have updated the code to do that. Here you go: http://pastebin.com/9UEDCf86

Here's BOP (ToS version of visualization) on AAPL H4:

snapshot
Reply
SurfDude LazyBear
I just added this BOP to my scripts - thanks for coding that. Looks great!
SurfDude - Chris
Reply
Good work man. I had actually programmed the Twiggs Money Flow a Month or so ago for a developer that uses it we will be bringing on board. He uses the Twiggs Money Flow in all of his work.
+1 Reply
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