LazyBear

Indicator: MFI or RSI enclosed by Bollinger Bands

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.
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//
// @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)
Hi Lazybear,

How can i add the EMA of the RSI into this indicator?
Reply
Lazy, this is the Money Flow Index right?
Reply
Lazy, is this the Money Flow Index mate?
Reply
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)?
Reply
Here is another interesting overlay

PREDICTIVE RSI

https://www.protradingindicators.com/tradestation-indicators/dig-predictive-rsi
+2 Reply
I request TRIX RB +bands
+1 Reply
LazyBear PRO QuantitativeExhaustion
Sure, will post.
+1 Reply
Here you go : http://pastebin.com/vmZNtyua

Sample:
snapshot
+3 Reply
Nice.. never seen this done before.
+2 Reply
ChartArt QuantitativeExhaustion
Your "TRIX RB +bands" request turned into this?

"Trix Ribbon "
Indicators: Traders Dynamic Index, HLCTrends and Trix Ribbon
Reply
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