This indicator plots a Supertrend-based trend-following setup in a separate pane and skips conditions it treats as a sideways market. A volatility range is built from an ATR value, with RMA, SMA, EMA, or WMA smoothing, or from a fixed point distance. Optional
Indicator · Pine Script v6 · Own pane
Market Facilitation Index (MARKETFI)
This script calculates Bill Williams' Market Facilitation Index (BW MFI) to evaluate price movement efficiency relative to trading volume.
GitHub stars99on the repository
Pine versionv6current
Lines of code15
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
15 lines of Pine Script v6 from lib/oscillators/marketfi/marketfi.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("Market Facilitation Index (MARKETFI)", "MARKETFI", overlay=false)
// Bill Williams' Market Facilitation Index (BW MFI)
// Measures price movement efficiency per unit of volume.
// High MFI + rising volume = strong trend (green)
// Low MFI + falling volume = squat / accumulation (brown)
// Guard: volume == 0 produces 0.0 (no market activity = no MFI)
mfi = volume != 0 ? (high - low) / volume : 0.0
plot(mfi, title="MARKETFI", color=color.blue, linewidth=2)
hline(0, "Zero", color=color.gray, linestyle=hline.style_dashed)
Overview
Market Facilitation Index (MARKETFI) computes the range between the high and low prices divided by volume for each bar, returning zero when volume is zero. The resulting index is plotted as a line in a separate pane alongside a dashed zero reference line. Higher values represent greater price movement per unit of volume. There are no configurable inputs or built-in trade signals included in this implementation.
- Bill Williams Market Facilitation Index calculation
- Zero-volume division guard
- Separate pane plot with zero reference line
Details
Published by
mihakralj on GitHub
Type
Indicator, Pine Script v6
Draws
Separate pane below the chart
Category
Volume, Volatility & bands
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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