Description
The FW_MMG technical indicator combines two studies, one that includes volume, and one that looks at the price momentum. Extreme Spreads between the two studies predict the size of the next index move and its direction. It also signals Snap Back moves to the trend. This works for all time periods and tick charts.
Input Parameters
| Parameter | Description |
|---|---|
pct r length
|
The number of bars used to calculate the Williams %R. |
mf length
|
The number of bars used to calculate the Chaikin Money Flow. |
over bought value
|
Defines overbought range used for both placing overbought lines on the chart and coloring study lines. |
over sold value
|
Defines oversold range used for both placing oversold lines on the chart and coloring study lines. |
show cloud
|
Defines whether or not to show cloud between "PctR" and "MF" plots when their values are of the opposite sign. |
Plots
| Plot | Description |
|---|---|
PctR
|
The Williams %R indicator, normalized to the 0-100 range. |
MF
|
The Chaikin Money Flow indicator, normalized to the 0-100 range. |
OverBought
|
The overbought level. |
OverSold
|
The oversold level. |
Center
|
The neutral level. |
Buy
|
The arrows marking Buy signals. |
Sell
|
The arrows marking Sell signals. |
See also
In addition to this article, thinkorswim® users have the opportunity to watch a seminar explaining principles of this indicator, narrated by David Elliott.
This seminar can be found at Support/Chat -> Seminars; "He's back! David Elliott showcases his new studies" released on March 4, 2010.
Example*
*For illustrative purposes only. Not a recommendation of a specific security or investment strategy.