Mkt Facilitation Idx

Definition

The Market Facilitation Index is an indicator that measures the effectiveness of price movement for each bar, using highs, lows and volume.
Developed by Bill Williams.

The calculation is done in the following way: MFI = (High - Low) / Volume. The index works on all timeframes and in all markets and helps traders decide if a trend is strong enough to trade by showing 4 conditions:
1) Green: both the MFI and volume are rising
2) Fade: both MFI and volume are falling
3) Fake: the MFI is rising and volume is falling
4) Squat: the MFI is falling and volume is rising

Default Inputs

AlertLength sets the number of recent bars used to determine an extreme value of the indicator, 14 by default.