The MFI calculation follows 4 steps as below:

Determine the Typical Price (TP) of the relevant time period
TP = (HIGH + LOW + CLOSE)/3

Determine the Money Flow (MF)
MF = TP * VOLUME
If the current typical price is larger than the preceding typical price, then the money flow is positive, and vice versa. A positive flow implies that investors are building up positions on the underlying asset, whereas a negative money flow implies that investors are exiting positions in the underlying asset.

Determine the Money Ratio (MR)
MR = Positive Money Flow (PMF)/Negative Money Flow (NMF)

Compute the Money Flow Index (MFI)
MFI = 100 – (100 / (1 + MR))
The default time period of the MFI is 14, with the fixed minimum being 0 and the fixed maximum being 100. This means that the MFI value will oscillate between the values of 0 and 100.

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The VIDYA (Variable Index Dynamic Average) is our next baseline indicator choice. This indicator was developed by Tushar Chande in 1992 and was first showcased in the March edition of Technical Analysis of Stock & Commodities magazine. Mr. Chande’s objective was to improve the performance of the EMA (Exponential Moving Average) by increasing its ability to react quicker to market conditions. This was achieved by applying a standard deviation to the SMA (simple moving average). This creates an indicator that is highly responsive to price.