Volume & money flow · daily rule · Metals & mining
Money Flow Index on First Majestic Silver
AG with the play, last two years
Shading shows the play's call from the close that triggered it.
Money Flow Index (14)
Dashed lines at 20, 80.
Growth of C$10,000 since 2005
Log scale. After trading costs, with T-bill interest while out.
The record
The play against buying and holding AG over exactly the same dates, after costs.
| Play, since 2005 | Hold, since 2005 | Play, 5 yrs | Hold, 5 yrs | |
|---|---|---|---|---|
| Annual return | −0.6% | +12.3% | −1.5% | +9.2% |
| Total return | −12% | +1,141% | −7% | +55% |
| Worst drawdown | −82.7% | −86.6% | −60.7% | −67.8% |
| Volatility | 37.9% | 62.5% | 42.4% | 60.6% |
| Sharpe ratio | 0.13 | 0.47 | 0.09 | 0.39 |
| Time invested | 35% | 100% | ||
| Switches per year | 1.7 | 0 |
Every call, graded
Right on 19 of 36 closed calls (53%). In calls averaged +1.5%; out calls saw AG move +44.6% on average.
| Called | Call | Price | Until | AG moved | Result |
|---|---|---|---|---|---|
| Aug 24, 2026 | OUT | C$28.88 | now | −19.6% | open |
| Mar 25, 2026 | IN | C$28.72 | Aug 24, 2026 | +0.6% | ✓ right |
| Oct 23, 2024 | OUT | C$10.72 | Mar 25, 2026 | +167.9% | ✕ wrong |
| Jun 12, 2024 | IN | C$8.45 | Oct 23, 2024 | +26.9% | ✓ right |
| Mar 22, 2024 | OUT | C$7.22 | Jun 12, 2024 | +17.0% | ✕ wrong |
| Jan 22, 2024 | IN | C$6.53 | Mar 22, 2024 | +10.6% | ✓ right |
| Jul 21, 2023 | OUT | C$8.94 | Jan 22, 2024 | −26.9% | ✓ right |
| Jul 9, 2021 | IN | C$17.90 | Jul 21, 2023 | −50.1% | ✕ wrong |
| Jun 26, 2019 | OUT | C$10.14 | Jul 9, 2021 | +76.6% | ✕ wrong |
| Jan 25, 2019 | IN | C$7.22 | Jun 26, 2019 | +40.4% | ✓ right |
| Dec 19, 2018 | OUT | C$6.95 | Jan 25, 2019 | +3.8% | ✕ wrong |
| Jul 24, 2018 | IN | C$8.48 | Dec 19, 2018 | −18.0% | ✕ wrong |
An in call is right when the price rose before the next call; an out call is right when it fell. The latest 12 of 37 calls shown.
How the play works
- In when the 14-day MFI crosses up through 20.
- Out when it crosses down through 80.
The creators also stress divergences, which this rule ignores.
The case against
Valeriy Zakamulin tested moving-average timing on up to 155 years of U.S. stock data and found no statistically significant edge in the second half of that record. The rules earned their keep in a few severe bear markets and lagged buy and hold for long stretches in between.