johnrfraser

Ongoing study of pivotal lines within MFI...

BITFINEX:BTCUSD   Bitcoin / Dollar
96 4 1
Notes on the chart.
Another failure at Line 1 has slowed progress into an upward breakout...but it will give way eventually...will be interesting to see how the horizontal lines (dark and light blue, 37 & 32) offer support as we reach them...
So far I haven't found the MFI to be useful, but I'm open minded to test it again.

Doesn't the MFI only show you that there was a high volume? Regardless if the money was going out or in? Only that the volume was high? I'm a totally newbie regarding the MFI.
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johnrfraser ChartArt
I gather that in really simple terms, it is like a volume weighted RSI. So it may adjust for false RSI signals during low volume moves.
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ChartArt johnrfraser
In the beginning I never used the RSI, but now I love the RSI. That explains why there is an custom indicator which let's you switch between RSI and MFI. And I remember that the MFI once showed me a clearer signal when I switched between the two:

Indicator: MFI or RSI enclosed by Bollinger Bands
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johnrfraser ChartArt
Nice. Thanks Chartart, I'd missed this post, thank you
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