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http://www.incrediblecharts.com/technical/twiggs_money_flow.htm

The Twiggs money flow index by Colin Twiggs is a variation of the Chaikin money flow index (see Chaikin Money Flow) using true range so as to include gap moves, and using EMA smoothing (see Exponential Moving Average) to avoid jumps when a high volume day drops out of the calculation. The formula is

/ close - truelow \ EMA[N] of volume * | 2 * ------------------ - 1 | \ truehigh - truelow / Twiggs MF = -------------------------------------------------- EMA[N] of volume truehigh = max (high, prevclose) truelow = min (low, prevclose)

The default EMA period is 21 days, and the period is reckoned by J. Welles Wilder’s method (see Exponential Moving Average).

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