OPEN-SOURCE SCRIPT
Chaikin Money Flow
Updated
Simple indicator, so there's not really much to enhance. This is a more colorful version of the built-in CMF.
// Developed by Marc Chaikin, Chaikin Money Flow measures the amount of Money Flow Volume over a specific period.
// Money Flow Volume forms the basis for the Accumulation Distribution Line. Instead of a cumulative total of
// Money Flow Volume, Chaikin Money Flow simply sums Money Flow Volume for a specific look-back period, typically
// 20 or 21 days. The resulting indicator fluctuates above/below the zero line just like an oscillator. Chartists
// weigh the balance of buying or selling pressure with the absolute level of Chaikin Money Flow. Chartists can
// also look for crosses above or below the zero line to identify changes on money flow.
// Developed by Marc Chaikin, Chaikin Money Flow measures the amount of Money Flow Volume over a specific period.
// Money Flow Volume forms the basis for the Accumulation Distribution Line. Instead of a cumulative total of
// Money Flow Volume, Chaikin Money Flow simply sums Money Flow Volume for a specific look-back period, typically
// 20 or 21 days. The resulting indicator fluctuates above/below the zero line just like an oscillator. Chartists
// weigh the balance of buying or selling pressure with the absolute level of Chaikin Money Flow. Chartists can
// also look for crosses above or below the zero line to identify changes on money flow.
Release Notes
Added optional Simple Moving Average.Release Notes
Update script to Pine Script v5, and redo the plot background to prevent "color bleed" near the zero line.Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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