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You can't use on indexes as they don't have volume.There are 2 workarounds:
1) You can create your own volume for each index e.g. for the Dow Jones
Indstrl Ave, just add the volume of all 30 component stocks. Needless to
say, this method is cumbersome and probably not even practical for S&P 500
(or Wilshire 5000!!!!!)
2) Apply your analysis to an ETF (Exchange Traded Fund) that acts as a
sorrogate for an index e.g DIA for Dow Jones, SPY for S&P500, QQQ for Nasdaq
100, etc. All ETFs are traded like stocks and hence have volume.
Regards,
JD
=================================================
From: <uhehs@xxxxxxxx>
Reply-To: Metastockusers@xxxxxxxxxxxxxxx
To: <Metastockusers@xxxxxxxxxxxxxxx>
Subject: [Metastockusers] Money Flow Index
Date: Sat, 25 Sep 2004 19:29:13 -0400
I found a group of indicators that work well for equities;
One of them is the Money Flow Index.
Now, when plotting the same for indexes like the DOW and NASDAQ, I get a
continuous plot of "100".
Someone please shed some light on this and how I may be able plot MFI for
these indexes.
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