Volume Accumulation Percentage Indicator (0-100)

This indicator is the same as LazyBear's indicator with the same title. I simplified it and changed the range to 0-100 so that it can be stacked with RSI indicator. 50 cross is the equivalent of zero cross in the original indicator.

PS: Drag and drop the indicator on RSI for stacking. Go to the settings and scale it to right.

More explanation on the original indicator:

Volume Accumulation Percentage Indicator [LazyBear]

Release Notes

After looking into CMF indicator equation, I realized that LazyBear's VAPI is identical to Chaikin's Money Flow. It seems, I am not the only one re-inventing the wheels :D

I changed the indicator name to Chaikin Money Flow (CMF) Percentage. I think CMF is the most useful volume-price-based indicator especially for detecting divergences.

Note that TV's built-in CMF is set to 20 length by default.

Usage Note:

Since this indicator includes close, high and low in its equation, it should be fine to measure divergences relative to candle high and low, altho candle close would be the ideal one. This is not the case in most other indicators such as RSI. In RSI, indicator's input source should match with price source, otherwise, you will find too many false divergences.

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

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Disclaimer

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Open-source script

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