OPEN-SOURCE SCRIPT
Griffin-Chaikin Money Flow
This is an adaptation of the popular Chaikin Money Flow. The original calculation looks at closing price in relation to high and low. I developed a new calculation that includes the relationship
of close and open. One issue with the original calculation is that if the open = close then the calculation omits that bar. My calculation would include that bar and still calculate a positive or
negative money flow for that period based on the relationship of close to high and low for the period.
One major difference is that the CMF will return values between -1 and 1, my calculation is not range bound therefore absolute values for money flow will be much higher depending on the equity being charted.
In general the overall trend will be the same however there may be minor differences if there are many periods on the chart where there is a doji rather than a normal candlestick.
of close and open. One issue with the original calculation is that if the open = close then the calculation omits that bar. My calculation would include that bar and still calculate a positive or
negative money flow for that period based on the relationship of close to high and low for the period.
One major difference is that the CMF will return values between -1 and 1, my calculation is not range bound therefore absolute values for money flow will be much higher depending on the equity being charted.
In general the overall trend will be the same however there may be minor differences if there are many periods on the chart where there is a doji rather than a normal candlestick.
Script open-source
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