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Market Facilitation Index by Gary Hoover
rev. 01/06/97

The following formulas were constructed using interpretation from Technical Analysis of Stocks & Commodities Magazine June 1994, article"The Market Facilitation Index", by Gary Hoover.

Taken from Stocks & Commodities, V. 12:6 (253-254): The Market Facilitation Index by Gary Hoover

"Applying technical analysis to developing tradingsignals begins with the investigation of price movement
and often incorporates volume studies to improve trading accuracy.
The Market Facilitation Index (MFI) is one indicator that synthesizes both price and volume analysis. The MFI is the ratio of thecurrent bar's range (high-low) to the bar's volume.

The MFI is designed to gauge the efficiency ofprice movement.
The efficiency is measured by comparing the current bar's MFI value to the previous bar's MFI value.
If the MFI increased, then the market is facilitating trade and is more efficient, implying that the market is trending. If the MFI decreased, then the market is becomingless efficient, which may indicate a trading range is developing thatmay be a trend reversal�."

Range:
High-Low

MFI:
Fml("Range") / Volume

Efficiency:
If(Fml("MFI"), >,Ref(Fml("MFI"),-1),1,
If(Fml("MFI"), <,Ref(Fml("MFI"),-1),-1,
If(Fml("MFI"), =,Ref(Fml("MFI"),-1),0,0)))

OR

Market Efficiency

If(((High-Low) / Volume), >,Ref(((High-Low) / Volume),-1),1,
If(((High-Low) / Volume), <,Ref(((High-Low) / Volume),-1),-1,
If(((High-Low) / Volume), =,Ref(((High-Low) / Volume),-1),0,0)))

 
Where:
+1 = increase
-1 = decrease
0 = unchanged

Market Facilitation Comparison

If(V,>,Ref(V,-1),If(Fml("MFI"),>,Ref(Fml("MFI"),-1) ,1,
If(Fml("MFI"),<,Ref(Fml("MFI"),-1),2,0)),
If(V,<,Ref(V,-1),If(Fml("MFI"),>,Ref(Fml("MFI"),-1),3,
If(Fml("MFI"),<,Ref(Fml("MFI"),-1),4,0)),0))

OR

 

Market Facilitation Comparison

If(V,>,Ref(V,-1),If(((High-Low) / Volume),>,Ref(((High-Low) / Volume),-1),1,
If(((High-Low) / Volume),<,Ref(((High-Low) / Volume),-1),2,0)),If(V,<,Ref(V,-1),
If(((High-Low)/ Volume),>,Ref(((High-Low) / Volume),-1),3,
If(((High-Low) / Volume),<,Ref(((High-Low)/ Volume),-1),4,0)),0))
Where:
1 = +,+
2 = +,-
3 = -,+
4 = -,-
Source / From: TOP
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