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In my "learn something new" series.
I was getting no results whenever I'd put the CMF indicator into a scan. I flipped over to the Predefined Scans page as they have a scan for Improving Chaikin Money Flow. There is zero results showing for the stock indexes when I checked as well. I sent a message to support and they responded
Thank you for contacting us. You cannot scan for volume-based indicators, like CMF, during trading hours. Their data isn't available for charting nor scanning at that time. There's more information on why posted here:
https://support.stockcharts.com/doku.php?id=faqs:why_arent_my_volume_based_indicators_updating
Please let me know if you have any other questions or comments about our website.I then followed the link, which talks about the chart updating. Not much help there but then I went to the CMF in ChartSchool and at the bottom of the page there is a note.
Note: For the purposes of scanning, daily volume data is incomplete during the trading day. When running scans with volume-based indicators like CMF, be sure to base the scan on the “Last Market Close.” Examples of other volume-based indicators include Accumulation/Distribution, On Balance Volume, and the PVO. I had never noticed this before. Of course, I don't use any of those other 'volume based' indicators in my scans but word to the wise, if you run a scan during the trading day, and you get zero results, check for a 'volume Based Indicator' in your scan.
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Comments
You can use Open, High, Low, Close in the calculation though. The kicker is that you can only use the different price type in a scan or alert. You can't display it on a chart as the RSI Indicator displayed only uses the Close in its calculation.
To use other price types for the RSI in a scan or alert, you would add a comma price type after the period.
RSI defaults into the workbench like this:
and [RSI(14) > 70.0]
It's using the [RSI(14,close) > 70.0] in the default.
To get it to use a different price type, just add a comma and the price type of choice.
For example
and [RSI(14,low) > 70.0]
If you use the Rank by with the same settings as your price type
Rank by [RSI(14,low)]
as the last line of the scan, the RSI values requested will display in the righthand column of the results and you could Save to ChartList in that order or download the results to CSV.
I reviewed a couple hundred results and the values presented for the Close and the Low can be significantly different, or not different by much. It all depends on that price types activity. For example, if you have 7 of 14 higher Closes but 10 of 14 higher lows the RSI will be higher for the Lows than the Closes.
It's not going to show up on the chart but it is something that you can use in scans.