The CMF formula creates an oscillator that fluctuates between -1 and 1. The CMF line will spend the majority of the time between extreme levels and it is fact extremely rare for the oscillator to reach these extremes. Just to clarify this point, for the CMF indicator to reach the top or bottom of the oscillator would take 20 consecutive data points on the high for a 20-day Chaikin Money Flow to reach 1 and the opposite to reach -1.