Colin Twiggs developed the Twiggs Money Flow indicator to help improve the performance of the Chaikin Money Flow. The concept is to analyze the flow of money into an asset as bullish or bearish based on where the assets closing price is. There are two main differences between the two indicators. The first is that the Twiggs Money Flow uses an assets true range instead of the daily highs minus daily lows, to fix the problem when markets gap up or down. Additionally, the Twiggs Money Flow uses an exponential moving average, where the Chaikin Money Flow uses the sum of volumes of a specified period.

When the Twiggs Money Flow has a positive reading it can be viewed as a bullish opportunity and it can be taken as a sell signal.

When the Twiggs Money Flow has a negative reading it can be viewed as a bearish opportunity and it can be taken as a sell signal.

Calculation:

Twiggs Money Flow calculation could be split into several steps:

Calculate Highest High (HH) and Lowest Low (LL)

LL = minimum [ current Low or previous Close ]

HH = maximum [ current High or previous Close ]

Calculate TMF (Twiggs Money Flow)

TMF = EMA [ Volume * ( ( Close - LL ) / ( HH - LL ) * 2 - 1 ) ] / EMA [ Volume ] * 100

or by steps:

calculate range
Range = ( Close - LL ) / ( HH - LL ) * 2 - 1
or
Range = ( 2 * Close - LL - HH ) / ( HH - LL )

Calculate Range Volume (weighed by the Range volume)
RangeV = EMA [ Volume * Range ]

Calculate TMF
TMF = RangeV / EMA [ Volume ] * 100

Apply EMA to TMF as second signal line

TMF Signal Line = EMA [ TMF ]

For more information you can review the following https://www.incrediblecharts.com/indicators/twiggs_money_flow.php