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Nice prose though I couldn't decipher your formula. But if your inputs are
limited to the same O,H,L,C and V that everyone else uses, I can assure you
that anything you come up with is just more "fun with numbers" as you've
already deduced from examining other such publicly available money flow
indicators. It looks good because you consciously (or unconsciously)
optimized it to look good.
On the other hand, there is a decent attempt at a EOD Money Flow indicator
put out by Lazlo Biryiny(sp?) that keeps track of money flow on a
tick-by-tick basis. Basically if the sale took place at the ASK then
volume's positive; if at the BID, then it's negative. But his exact formula
is still proprietary I think. I can only imagine that he has very
powerful/large computing resources and databases.
The indicator is available on the Bloomberg for many but not all stocks. The
sum incite of this indicator on the stock market is his main claim to fame
as an independent market analyst and institutions do pay up handsomely for
his advise. FYI, his Money Flow calculations have kept him pretty much a
perma bull.
hope this helps,
Rick
Tokyo, Japan
-----Original Message-----
From: Joseph Ehardt <jehardt@xxxxxxxxxxxxxx>
To: MetaStock Discussion <metastock@xxxxxxxxxxxxx>
Date: Friday, March 19, 1999 5:46 AM
Subject: NYSE Composite with New Volume Indicator
>By looking at Time and Sales data, one can make an approximation of how to
>distribute volume between advancing, declining, and unchanged trades, BUT
>there is no historical source of time and sales data from the exchanges,
>yet alone for indiviual equities.
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