Indicator: MFI or RSI enclosed by Bollinger Bands

6310 11 600
Indicator allows choosing either MFI             or RSI and draws a BB over it to identify oversold / overbought conditions.

Oversold/Overbought breaches are highlighted using different colors for easy identification. Has helped me a lot during sudden pumps to identify the tops, hope you find a use for this.
Remove from Favorite Scripts Add to Favorite Scripts
// @author LazyBear
// RSI/MFI with Bollinger Bands. Dynamic Oversold/Overbought levels, yayy!
study(title = "RSI/MFI with Volatility Bands [LazyBear]", shorttitle="SI+Bands [LB]")
source = hlc3
length = input(14, minval=1), mult = input(2.0, minval=0.001, maxval=50)
DrawRSI_f=input(false, title="Draw RSI?", type=bool)
DrawMFI_f=input(true, title="Draw MFI?", type=bool)
HighlightBreaches=input(true, title="Highlight Oversold/Overbought?", type=bool)

DrawMFI = (not DrawMFI_f) and (not DrawRSI_f) ? true : DrawMFI_f
DrawRSI = (DrawMFI_f and DrawRSI_f) ? false : DrawRSI_f
// RSI
rsi_s = DrawRSI ? rsi(source, length) : na
plot(DrawRSI ? rsi_s : na, color=maroon, linewidth=2)

// MFI
upper_s = DrawMFI ? sum(volume * (change(source) <= 0 ? 0 : source), length) : na
lower_s = DrawMFI ? sum(volume * (change(source) >= 0 ? 0 : source), length) : na
mf = DrawMFI ? rsi(upper_s, lower_s) : na
plot(DrawMFI ? mf : na, color=green, linewidth=2)

// Draw BB on indices
bb_s = DrawRSI ? rsi_s : DrawMFI ? mf : na
basis = sma(bb_s, length)
dev = mult * stdev(bb_s, length)
upper = basis + dev
lower = basis - dev
plot(basis, color=red)
p1 = plot(upper, color=blue)
p2 = plot(lower, color=blue)
fill(p1,p2, blue)

b_color = (bb_s > upper) ? red : (bb_s < lower) ? green : na
bgcolor(HighlightBreaches ? b_color : na)
List of my free indicators:
List of my indicators at Appstore:

I request TRIX RB +bands
+1 Reply
LazyBear PRO QuantitativeExhaustion
2 years ago
Sure, will post.
+1 Reply
LazyBear PRO LazyBear
2 years ago
Here you go :

+3 Reply
QuantitativeExhaustion PRO LazyBear
2 years ago
Nice.. never seen this done before.
+2 Reply
ChartArt QuantitativeExhaustion
2 years ago
Your "TRIX RB +bands" request turned into this?

"Trix Ribbon "
Indicators: Traders Dynamic Index, HLCTrends and Trix Ribbon
LazyBear PRO ChartArt
2 years ago
Nope. That indicator you link points to, is a the sense, multiple lengths are rendered together. Something like GMMA_LB or Hurst MMA_LB.
LazyBear PRO LazyBear
2 years ago
just now saw that src...I based that BB version on Trix_Ribbon, you are correct.
Here is another interesting overlay

+2 Reply
a year ago
Hey LB, this is great how do we use this one? Do we go long when the green line crosses over the red middle line (and vice versa for short)?
a year ago
Lazy, is this the Money Flow Index mate?
a year ago
Lazy, this is the Money Flow Index right?
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out