OPEN-SOURCE SCRIPT
Stochastic MFI (vegeta)
Stochastic MFI
Simple Stochastic version of Money Flow indicator
MFI > RSI?
MFI considers volume. Hence, provides more robust signals (most of the times)
How to use the indicator:
More trigger signals valid, more robust the buy/ sell signal
Buy Trigger:
1. Green stoch line direction >45deg up and crosses red stoch line
2. 3 consecutive Heiken Ashi green candles
3. Price is trending w/ established trendline
Sell Trigger:
1. Green stoch line direction <-45deg down and crosses red stoch line
2. 3 consecutive Heiken Ashi red candles
Works better when used on different timeframes (3D, 1D, 6H)
The more valid triggers on different timeframes, the better the signal
P.S:
Got any recommendation for changes? Or just wanna say Hi?
Hit me up on twitter at @vegetavarun
:)
Simple Stochastic version of Money Flow indicator
MFI > RSI?
MFI considers volume. Hence, provides more robust signals (most of the times)
How to use the indicator:
More trigger signals valid, more robust the buy/ sell signal
Buy Trigger:
1. Green stoch line direction >45deg up and crosses red stoch line
2. 3 consecutive Heiken Ashi green candles
3. Price is trending w/ established trendline
Sell Trigger:
1. Green stoch line direction <-45deg down and crosses red stoch line
2. 3 consecutive Heiken Ashi red candles
Works better when used on different timeframes (3D, 1D, 6H)
The more valid triggers on different timeframes, the better the signal
P.S:
Got any recommendation for changes? Or just wanna say Hi?
Hit me up on twitter at @vegetavarun
:)
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.