
Note
Since the MFI part of this indicator is volume based it’s best to set it’s Calculate parameter to ‘On each tick’.
Alerts
- When the Signals line (MFI or RSI) crosses 80 from above or 20 from below
- When the Signals line (MFI or RSI) crosses the EMA
- Optionally when the third bullish or bearish bar forms
Signals
Strong Long | When both RSI and MFI have a Strong Long |
Weak Long | When either RSI or MFI has a Weak Long and none has a Short signal |
None | When note of the conditions are valid |
Weak Short | When either RSI or MFI has a Weak Short and none has a Long signal |
Strong Short | When both RSI and MFI have a Strong Short |
See RSI and MFI for their Signal definitions
Settings
Main line MFI or RSI | Choose whetheryou want the main line based on MFI or RSI |
Average line MFI or RSI | Choose whetheryou want the average line (EMA) based on MFI or RSI |
Signals based on MFI or RSI | Choose whether you want the Signals based on MFI or RSI |
RSI Period | The number of bars to evaluate the RSI |
MFI Period | The number of bars to evaluate the MFI |
EMA of RSI/MFI | The period for an EMA of the RSI of MFI |
Displace EMA | The number of bars to shift the EMA forwards |
Fast line period | The period for an invisible fast MFI or RSI, used to validate Strong signals |
Squeeze period | The period for an optional BB Squeeze, i.e. when the Bollinger is inside the Keltner Channel |
Color bars | Color the bars green when RSI is above 60 and red when RSI is below 40, otherwise the bars are colored silver |
Show 3bars up/down | Show a green or red vertical line when there are 3 consecutive up or down bars |
Lines & Plots | The style of the differents lines of the indicator. Signal trend is shown on the 40/60 line, Both trend is shown on the 10/90 line and BBSqueeze is shown on the 50 line |
Overbought | The overbought signals are placed on the 40 line and are best viewed as red downward arrows |
Oversold | The oversold signals are placed on the 60 line and are best viewed as green upward arrows |