MFI Waves w Levels — Indicator by sydneynet

moneyflow

This is a Money Flow Index oscillating wave indicator that also has preset levels that can be adjusted by the user in the settings. The levels indicate how deep or high the waves are moving to

i use this indicator when scalping and on all time frame charts, i like to watch for certain patterns forming either at the lower levels for longs or at the higher levels for shorts.

This indicator is smoothed for Heikin Ashi candles, and does RSI in the calculation. MFI uses volume and price change.

Release Notes:

Have added a level counter so you can always see what the level of the MFI is at. option to turn this off and turn the Level lines back on as well

Release Notes:

Added Gradient option to waves and counter, to use uncheck Solid and check Gradient in Input Settings

Release Notes:

fixed color direction

Release Notes:

Added a baseline cross signal, this can be toggled On/Off
Added alerts for a baseline cross

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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