Calculates the standard Money Flow Index (MFI) oscillator alongside an exponential moving average signal line in a separate pane. The script visually highlights trend conditions through dynamic ribbon filling, optional difference histogram bars, and overbought
Indicator · Pine Script v6 · Own pane
Bill Williams Market Facilitation Index
This indicator calculates the Bill Williams Market Facilitation Index as the high-low range divided by volume, or zero when volume is zero.
GitHub stars99on the repository
Pine versionv6current
Lines of code43
Settings0inputs
LicenceApache-2.0
Last update4 weeks ago27 Sep 2026
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
43 lines of Pine Script v6 from lib/oscillators/bw_mfi/bw_mfi.pine, published under Apache-2.0. Keep the author's credit and licence lines when you reuse it.
// Licensed under the Apache License, Version 2.0
// © mihakralj
//@version=6
indicator("Bill Williams Market Facilitation Index (BW_MFI)", "BW_MFI", overlay=false)
//@function Bill Williams MFI with 4-zone classification
//@returns [mfi, zone] where zone: 1=Green, 2=Fade, 3=Fake, 4=Squat
//@optimized O(1) per bar — division + two comparisons
bw_mfi() =>
float mfi = volume != 0 ? (high - low) / volume : 0.0
float prev_mfi = nz(mfi[1])
float prev_vol = nz(volume[1])
int zone = na
if bar_index < 1
zone := 0
else
bool mfi_up = mfi > prev_mfi
bool vol_up = volume > prev_vol
if mfi_up and vol_up
zone := 1 // Green: trend continuation
else if not mfi_up and not vol_up
zone := 2 // Fade: fading momentum
else if mfi_up and not vol_up
zone := 3 // Fake: unsupported price move
else
zone := 4 // Squat: accumulation/distribution
[mfi, zone]
// ---------- Main loop ----------
[mfi_val, zone_val] = bw_mfi()
// Zone-based bar coloring
zone_color = switch zone_val
1 => color.green // Green zone
2 => color.new(#8B4513, 0) // Fade (brown)
3 => color.blue // Fake zone
4 => color.fuchsia // Squat zone
=> color.gray // First bar / unknown
plot(mfi_val, title="BW_MFI", color=zone_color, style=plot.style_columns, linewidth=3)
hline(0, "Zero", color=color.gray, linestyle=hline.style_dashed)
Overview
Bill Williams Market Facilitation Index compares the index and volume with the previous bar and assigns one of four zones: green for both rising, fade for both falling, fake when the index rises on falling volume, and squat when the index falls on rising volume. Colored columns and a dashed zero line appear in a separate pane. No inputs are defined.
- Range divided by volume
- Four-zone classification
- Zone-colored column plot
- Dashed zero reference line
- Constant-time per-bar update
Details
Published by
mihakralj on GitHub
Type
Indicator, Pine Script v6
Draws
Separate pane below the chart
Category
Volume, Oscillators & momentum
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Topics
algorithmic-tradingcsharpdotnetpinescriptpythonquantitative-financesimdta-libtechnical-analysistechnical-indicators
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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