蔡金资金流向指标 (Chaikin money flow)

蔡金资金流向指标是Marc Chaikin发明的建立在集聚线（Accumulation/Distribution Line）之上的另一个比较受欢迎的指标。该指标在确认趋势方面作用显著，并可以提前对趋势突破发出警告。

通过观察增加的交易量以及日K线上连续性的较高收盘价，蔡金资金流向指标可以确认买方支撑位。同样，卖方压力也可以通过增加的交易量以及日K线上不断降低的收盘价推算出来。

蔡金资金流向有两个弱点：

• 该指标没有把缺口考虑在内。
• 蔡金资金流向指标有“吠叫两次”的趋势——这一点与简单移动平均线类似（异常的数据会在被指标计算在内的第一天以及从指标中去除的最后的一天影响指标的正常计算）

TMF指标 (Twiggs Money Flow) 解决了这些缺陷。

交易信号

蔡金流动指标为正数的时候表明集聚，而负数则表明分散。数值越高（大于零或小月零），表明趋势越强烈。

• 当价格突破阻力位，并且蔡金资金流动指标大于零时，做多。
• 当价格突破支撑位，并且蔡金资金流动指标小于零时，做空。

背离同样可以提供良好的交易信号

• 出现看涨背离做多
• 看跌背离做空

示例：

澳大利亚Flight Centre 股票，以及    30周加权移动平均线、   蔡金资金流向指标。

1. [L] 处出现三重背离，做多。
2. [L] 处突破阻力位，做多。蔡金资金流向指标持续几个月都为正数，很好的预示了突破即将到来。

蔡金资金流向指标公式

蔡金资金流向指标以及TMF指标都是建立在集散指标之上的。

Marc Chaikin 利用以下公式计算集散指标（AD）：

1. 收盘价减去最低价
2. 最高价减去收盘价
3. 最高价减去最低价

该公式根据交易范围计算收盘价位置常数：
                     {(收盘价－最低价) - (最高价－收盘价)} / {最高价－收盘价}
计算结果乘以当日交易量得出AD
                     {(收盘价－最低价) - (最高价－收盘价)} / {最高价－收盘价}* 交易量

蔡金资金流向指标计算出21日AD的和，并将结果除以相应时段的交易量。交易量作为除数，可以使计算结果在-1~1之间波动。

所述“吠叫两次”的问题是由21日AD不断求和引起的：异常的数据在添加到AD指标的第一天以及去除的那天（22日），都会对指标产生影响。

Chaikin Money Flow
Another popular indicator by Marc Chaikin based on the Accumulation Distribution line. The indicator often warns of breakouts and provides useful trend confirmation.
Chaikin Money Flow is based on the observation that buying support is normally signaled by increased volume and frequent closes in the top half of the daily range. Likewise, selling pressure is evidenced by increased volume and frequent closes in the lower half of the daily range. See Accumulation and Distribution.
Chaikin Money Flow has two weaknesses:
• The indicator does not account for Gaps.
• CMF has a tendency to "bark twice" - as with a simple moving average (unusually high or low data affects the indicator on the day it is added and the day it is dropped from the indicator period).
Twiggs Money Flow addresses these failings.
Trading Signals
A positive Chaikin Money Flow signals accumulation, while distribution is signaled by the indicator line below zero. The higher the reading (above or below zero), the stronger the signal.
• Go long if a breakout above resistance is supported by Chaikin Money Flow above zero.
• Go short if a breakout below support is confirmed by negative Chaikin Money Flow.
Divergences also provide good signals:
• Go long on a bullish divergence.
• Go short on a bearish divergence.
 
EXAMPLE
Flight Centre (Australia) with    30-week Weighted Moving Average and    Chaikin Money Flow.
1. Go long [L] on bullish triple divergence.
2. Go long [L] on break above the resistance level. The several months positive Chaikin Money Flow provides excellent warning of the breakout.
Setup
See Indicator Panel for directions on how to set up Chaikin Money Flow. The default settings are:
• 21 days
To alter the default settings - Edit Indicator Settings.
Chaikin Money Flow Formula
Both Twiggs Money Flow and Chaikin Money Flow are based on the Accumulation Distribution indicator.
Marc Chaikin calculates AD using:
1. Close minus Low
2. High minus Close, and
3. High minus Low.
His formula first positions the close in relation to the trading range:
                      {(Close - Low) - (High - Close)} / {High - Low}
and then calculates AD by multiplying the result by the day's volume:
                      {(Close - Low) - (High - Close)} / {High - Low} * Volume
The Chaikin Money Flow sums AD for 21 days and then divides the result by volume for the identical period. Volume is used as the divisor so that the indicator will fluctuate between a maximum of 1 and a minimum of -1.
The "barking twice" problem is caused by the straight summation of AD for 21 days - unusual data affects the indicator on the day it is added and again when it is removed (on day 22).

文章翻译由兄弟财经提供

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