Indicator: Market Facilitation Index [MFIndex]

[Updated: July 02, 2014]

***** NOTE: You may see all GREEN circles (it is due to a recent TV update). To work around this issue, change the "Circles" to "Cross" via Format -> Style *****

Market Facilitation Index, by Bill Williams, plots the effectiveness of price movement by computing the price movement per volume unit.

4 possible combinations of MFIndex and Volume are:

Green [indicated by GREEN dot]:
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MFIndex increases and the volume increases. This means that the amount of participants entering the market increases, therefore the volume increases and the fresh incoming players align their positions in the direction of candlestick growth.

Fade [indicated by BLUE dot]:
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MFIndex falls and volume falls. It means that the market participants are indifferent and the price movement is small on small volumes. This usually happens at the end of a trend.

Fake [indicated by GRAY dot]:
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MFIndex increases, but the volume falls. It is highly likely that the market is being supported by broker speculation and not any significant client volume.

Squat [indicated by RED dot]:
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MFIndex falls, but the volume increases. In this particular situation bulls and bears are fighting between themselves to see who will dominate the next trend. These battles are noticeable by the large sell and buy volumes. However, the price does not change appreciably since the strengths are equal. One of the competing parties either the buyers or the sellers will ultimately triumph in the battle. Usually, the fracture of such a candle indicates if this particular candle determines the continuation of the trend, or terminates the trend.

More info: en.wikipedia.org/wiki/Market_facilitation_index

Code: pastebin.com/Y9qYTW2R