Twiggs Money Flow - Traders Laboratory

Twiggs Money Flow

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twiggs money flow.png (35.9 KB, 450 views)

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TWIGGS MONEY FLOW 2.ELD (4.2 KB, 250 views)

Software Version: , by walterw (Premium Trader) walterw is offline

Developer Last Online: May 2008

Trading Platform:	Rating: -
Release Date: 03-28-2007	Last Update: n/a	Installs: 22

Since I started to study volume more seriously, I came across a great amount of alternatives on how to profit from this type of analisis. One great indicator that I came to is the "Twiggs Money Flow" , developed by Mr Collin Twiggs and shared by him freely... first you must understand the origin on the MFI (Money Flow Index), here is a nice explanation of it Money Flow Index (MFI) - StockCharts.com , Mr Twiggs did a very nice upgrade to the indicator wich he explains here Incredible Charts: Twiggs Money Flow the indicator was translated to TS code by Galaad at TS forum, and I did some visual touches to make it more easy to read and changed the default setting from 21 to 5 (an input I find more adapted and usefull for daytrading) , I will open a diferent thread on the usage, I find this one a true gem if its properly used... it can make so clean and easy volume readings... enjoy cheers Walter.

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By amory hill on 06-02-2007, 09:34 PM

Re: Twiggs Money Flow

hello Walter. sharing your enthusiam for the TMF indicator, but puzzled as to its construction. mr Twiggs uses the following criteria:

True Range High (TRH) is the greater of:

High [today] and
Closing price [yesterday]
True Range Low (TRL) is the lesser of:

Low [today] and
Closing price [yesterday]

which he then calls the AD & incorporates into a formula. but how can one translate the above into MS language?

I do believe the formula is not as simple as might appear. you must have solved the problem because you took it one step further, substiting 5 for 21 where applicable. I have done this myself several times, because daytrading is what it's all about!

regards ... amory

1 links from elsewhere to this Post. Click to view.

#1 (permalink)

By walterw on 06-02-2007, 10:33 PM

Re: Twiggs Money Flow

Hi Amory, I am not that familiar with MS... I know they have some limitations in terms of language compared to TS... I recall using a very old version 10 years ago and they could do a salad of indicators from indicators that would only be on the program but not be able to create functions from scratch... from there on I turned to TS where flexibility was tremendous.... actually I am on a forced diet, anti TS adiction and using very simple charts from my DOM... hope you can get that TMF working, its a great indicator in terms of volume and I enjoyed to see divergences on keltner extremes make great setups... should I suggest using this indicator for setup purposes only and combining CCI for specific timing purposes... cheers Walter.

#2 (permalink)

By ImXotep on 06-06-2007, 03:42 PM

Re: Twiggs Money Flow

Hi walterw! Great indicator. I'm modified your code with own mov average. Look at this. I want creat indicator with automatically indicate divergence and convergence. But, need more smooth. Have you idea on this theme?
thx!

Attached Images

mod.JPG (98.7 KB, 242 views)

#3 (permalink)

By walterw on 06-06-2007, 05:08 PM

Re: Twiggs Money Flow

I see you did some smoothing... should you consider having an input apart for the smoothing factor...
in order to find divergences you need to program pivot recognition...unfortunate ly I am not good on that... cheers Walter.

#4 (permalink)

By mcichocki_ on 11-20-2007, 10:23 PM

Re: Twiggs Money Flow

	Quote:	ImXotep
	Hi walterw! Great indicator. I'm modified your code with own mov average. Look at this. I want creat indicator with automatically indicate divergence and convergence. But, need more smooth. Have you idea on this theme? thx!

Any luck on the divergence indicator? I'm not even semi programing able but have been looking for a decent divergence indicator myself with no luck.

Thanks

#5 (permalink)

By walterw on 11-21-2007, 08:11 AM

Re: Twiggs Money Flow

	Quote:	mcichocki_
	Any luck on the divergence indicator? I'm not even semi programing able but have been looking for a decent divergence indicator myself with no luck. Thanks

Normally for that you need to detect pivots automatically, some kind of fractal or crossovers that determine pivots, after that you compare pivot levels and get the divergence plotted, now normally that will happen various bars later from the fact, as you need a pivot confirmed to get your divergence plotted... best deal is training your eye on real time information... cheers Walter.

#6 (permalink)

By mcichocki_ on 11-21-2007, 08:54 AM

Re: Twiggs Money Flow

	Quote:	walterw
	Normally for that you need to detect pivots automatically, some kind of fractal or crossovers that determine pivots, after that you compare pivot levels and get the divergence plotted, now normally that will happen various bars later from the fact, as you need a pivot confirmed to get your divergence plotted... best deal is training your eye on real time information... cheers Walter.

Thanks for the explanation, I never thought of that delay issue. I spot divergence fairly well and trained by eye, so I'll stick with what works.

#7 (permalink)

By cosmic on 02-25-2008, 01:34 PM

Re: Twiggs Money Flow

thanks walterw, i like it on my charts, quick & clean divergences.

did you also notice that it has a slight upward bias? at least it looks like this from the up & down distribution of the indicator.

did some searching through the code, but nothing suspicious found ;-))

cheers,
cosmic

#8 (permalink)

By walterw on 02-25-2008, 04:48 PM

Re: Twiggs Money Flow

	Quote:	cosmic
	thanks walterw, i like it on my charts, quick & clean divergences. did you also notice that it has a slight upward bias? at least it looks like this from the up & down distribution of the indicator. did some searching through the code, but nothing suspicious found ;-)) cheers, cosmic

most volume based oscillators have more + presence, thats why + or - its not the issue as the divergences you can capitalize on... watch for strong momentum conditions may get tricky... works very good on cycle days... cheers Walter.

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