On-balance volume (Obv), Chaikin money flow (Cmf), accumulation/distribution, volume price trend (Vpt), volume oscillator (VO), ease of movement, negative ...INDICATORSTheQuestContinuesComparingSevenMoneyFlowIndicatorsbyMarkosKatsanosAnoverabundanceofmoneyflowindicatorscanclutteryourdesktopandcouldconfuseyouwithcontradictingsignals.Butdotheseindicatorshaveanypredictivevalue?Ifso,whichisbest?SinceJosephGranvillepresentedthefirstmoneyflowindicatorin1963,othertechnicianshaveattemptedtoimproveonGranville’soriginalformulaordeviseacompletelynewapproachusingvolumetopredictmarketpricemoves.On-balancevolume(Obv),Chaikinmoneyflow(Cmf),accumulation/distribution,volumepricetrend(Vpt),volumeoscillator(VO),easeofmovement,negativevolumeindex,positivevolumeindex,Klingeroscillator,volumeflowindicator(Vfi),andthemoneyflowindex(Mfi)areallindicatorsthattechnicianshavedevelopedtoquantifytherelationshipbetweenpriceandvolume.Yes,therearemany.Bearinginmindthatbesidesthestockchartandotherprice-basedindicatorsthereisonlyroomona19-inchmonitorforoneortwovolumeindicators,youwillhavetochoosefrommorethan15moneyflowindicatorsforyourstandardlayouts.Anevenmorecriticaldecisionwouldbechoosingavolumeindicatorforyourtradingsystem,giventhattwodifferentindicatorscanproducecontradictingsignals.Whichonesworkthebest?Tofindout,Itestedsevenpopularmoneyflowindicatorsusingtwoobjectivemechanicalsystemsandavisualmethod.Butfirst,here’ssomebackgroundinformationontheseindicators.ThebasicsVolumeormoneyflowindicatorscanbedividedintofivecategories:Thoseusingvolumebasedontheinterdaychangeinpricefromonedaytothenext.Thebest-knownindicatorinthiscategoryisGranville’sObv.LatervariationsincludeMarkstein’svolumepricetrend(Vpt)andthevolumeflowindicator(Vfi),whichIintroducedinmyJune2004Stocks&Commoditiesarticle(see“Suggestedreading”attheendofthisarticle).Thosefocusingonthechangeinpricesonanintradaybasis(suchastheCmfandtheintradayintensity).Thoseshowingtheperiodicvolumechangewithoutreferencetoprice(suchasthevolumeoscillator[VO]).T