John Bollinger MFI Money Flow Index), normalized.
Bollinger Bands are used for calculating overbought/oversold zones.
There are four input parameters:
- MFI period – MFI calculation period
- MFI applied volume – volume used for MFI calculation
- BB period – Bollinger Bands calculation period
- BB deviation – Bollinger Bands deviation
Calculation:
NormMFI = (MFI-BL) / (TL-BL)
where:
TL = BBands(MFI, BB period, BB deviation, UPPER_BAND)
BL = BBands(MFI, BB period, BB deviation, LOWER_BAND)
MFI – Money Flow Index(MFI period, MFI applied volume)
BBands – UPPER_BAND and LOWER_BAND of Bollinger Bands
Fig.1. MFI normalized
Fig.2. MFI normalized + MFI
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