Chaikin Money Flow Indicator for ThinkorSwim TOS Script
Chaikin Money Flow Indicator for ThinkorSwim TOS Script
Chaikin Money Flow Indicator for ThinkorSwim TOS Script
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Description
Chaikin Money Flow Indicator for ThinkorSwim.
The Chaikin Money Flow oscillator is calculated as a cumulative total of theAccumulation/Distribution Values divided by the total volume for the same period.
When the Chaikin Money Flow value is greater than zero, it is considered a bullish signal.
There are input parameters.
The length. Chaikin Money Flow is calculated using the number of bars.
Chaikin Money Flow is a measure of money flow volume. Money Flow Volume is the basis of the Accumulation Distribution Line. Chaikin Money Flow simply sums Money Flow Volume for a specific look-back period of 20 or 21 days. The indicator fluctuates above and below the zero line. Chaikin Money Flow is the absolute level of buying or selling pressure. The chartists can look for crosses above or below the zero line.
Chaikin Money Flow can be used to define a general buying or selling bias. The indicator is above or below the zero line. Buying pressure is stronger when the indicator is positive and selling pressure is stronger when the indicator is negative.
The reality is much choppier than it seems. Chaikin Money Flow sometimes only crosses the zero line with a move that is barely positive or negative. The zeroline cross becomes a whipsaw because there is no follow through. The bullish threshold is set to 0.05) and the bearish threshold is set to 0.05). The thresholds can help reduce whipsaws and filter out weaker signals.
Money flow favors the bulls when CMF is positive and the bears when it is negative. There are bullish and bearish divergences that chartists can look for. Be careful. When there is a bullish divergence, it shows less selling pressure. Buying pressure is indicated by moving into positive territory. CMF can be used in conjunction with pure price oscillators, such as RSI. Chaikin Money Flow should not be used as a stand-alone indicator. The Chaikin Oscillator and the Accumulation Distribution Line were developed by Chaikin.
Works with all futures, currency pairs, and stocks.
Works with the ThinkOrSwim trading platform.
Upon purchase of the software, a download link will be sent.
You will never be on the wrong side of a trade again if you use this indicator.
Delivery Method
PRODUCT DESCRIPTION
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