Detecting Breakouts In Intraday Charts by Markos Katsanos
Hereís an important enhancement to the finite volume elements indicator thatís especially useful with intraday minute charts.
In the April 2003 STOCKS & COMMODITIES, I introduced the finite volume elements indicator (FVE) and demonstrated how it can be used to detect breakouts in daily charts. To refresh your memory, the FVE is a money flow indicator, but it has two important innovations: first, the FVE takes into account both intra- and interday price action, and second, minimal price changes are taken into account by introducing a price threshold.
Those innovations were introduced to improve on two important limitations of existing money flow indicators. . .