Note
Since this is a volume based indicator it’s best to set it’s Calculate parameter to ‘On each tick’.
Alerts
- When the MFI crosses the 50 line
- When MFI crosses it’s EMA
Signals
| Strong Long | When the MFI is above 50 and rising (and above the EMA, if specified), or when the MFI crosses the EMA from below |
| Weak Long | When the MFI is above 50 and falling, or when the MFI is above the EMA (if specified) and below 50 |
| None | When the MFI equals the EMA |
| Weak Short | When the MFI is below 50 and rising, or when the MFI is below the EMA (if specified) and above 50 |
| Strong Short | When the MFI is below 50 and falling (and below the EMA, if specified), or when the MFI crosses the EMA from above |
Settings
| MFI Period | The number of bars the MFI evaluates |
| EMA of MFI | An optional EMA period applied to the MFI. Use zero if you don’t want the EMA in the indicator and in the signal calculations |
| Displace EMA | The displacement of this EMA. Use zero for no displacement |
| Color bars | If checked the bars will be coloured the same as the MFI line when the MFI is in the 40/60 zone, and red or green if below/above it |
| Lines & Plots | The lines and plots of the indicator. |
