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Technology Stocks : VALENCE TECHNOLOGY (VLNC)

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To: I. N. Vester who wrote (2439)	3/18/1998 10:12:00 PM
From: Greg McDaniel	Read Replies (1) of 27311

Below is the excerpt from the Telescan online help manual: Definition: This indicator, developed by Marc Chaikin, is a measure of money "flowing" into a stock or out of a stock, similar to the concept of accumulation/distribution: The calculation determines where the stock closed today, in relation to its range for the day (high price - low price). That value is then multiplied by today's volume: (close - low) - (high - close) X Volume ------------------------------------------------------------ high - low Therefore, if a stock's closing price is closer to the high of the day than to the low of the day, a positive value will be multiplied by the volume. But if a stock's closing price is closer to the low of the day than to the high of the day, a negative value will be multiplied by the volume. Now this calculation is made for the last 21 days, and those values totaled. That sum is divided by the total of the stock's volume for the last 21 days to arrive at the Chaikin Money Flow indicator. High values indicate money moving into a stock (buying pressure), and low (negative) values indicate money moving out of a stock (selling pressure).

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