OPEN-SOURCE SCRIPT
Kawasaki_MFI
Kawasaki_MFI Indicator
The Kawasaki_MFI indicator is a customized technical analysis tool developed to analyze asset prices in financial markets. This script is implemented in TradingView's Pine Script language (version 5) and is based on the concept of the Accumulation/Distribution Line (ADL) which is a volume-based indicator designed to measure the cumulative flow of money into and out of a security.
Script Details
Version: Pine Script version 5
Overlay: True - The indicator is plotted directly on the price chart.
Input Variables
The script utilizes the following input variables sourced from daily (D) time frames:
High (my_high): The highest price of the security in the daily time frame.
Low (my_low): The lowest price of the security in the daily time frame.
Close (my_close): The closing price of the security in the daily time frame.
Volume (my_volume): The trading volume of the security in the daily time frame.
ADL Calculation
The ADL is calculated using the following formula:
ADL
=
Cumulative sum of ((Close−Low)−(High−Close)High−Low×Volume)
ADL=Cumulative sum of ( High−Low(Close−Low)−(High−Close)×Volume)
Plot
The ADL line is plotted on the chart with the following characteristics:
Title: ADL
Color: Blue
Usage
Traders can use the Kawasaki_MFI indicator to identify trends and potential reversal points in the market. A rising ADL line suggests buying pressure, while a falling ADL line suggests selling pressure. It can be used in conjunction with other technical indicators to develop a comprehensive trading strategy.
Feel free to add more details or modify the description to better suit your needs.
The Kawasaki_MFI indicator is a customized technical analysis tool developed to analyze asset prices in financial markets. This script is implemented in TradingView's Pine Script language (version 5) and is based on the concept of the Accumulation/Distribution Line (ADL) which is a volume-based indicator designed to measure the cumulative flow of money into and out of a security.
Script Details
Version: Pine Script version 5
Overlay: True - The indicator is plotted directly on the price chart.
Input Variables
The script utilizes the following input variables sourced from daily (D) time frames:
High (my_high): The highest price of the security in the daily time frame.
Low (my_low): The lowest price of the security in the daily time frame.
Close (my_close): The closing price of the security in the daily time frame.
Volume (my_volume): The trading volume of the security in the daily time frame.
ADL Calculation
The ADL is calculated using the following formula:
ADL
=
Cumulative sum of ((Close−Low)−(High−Close)High−Low×Volume)
ADL=Cumulative sum of ( High−Low(Close−Low)−(High−Close)×Volume)
Plot
The ADL line is plotted on the chart with the following characteristics:
Title: ADL
Color: Blue
Usage
Traders can use the Kawasaki_MFI indicator to identify trends and potential reversal points in the market. A rising ADL line suggests buying pressure, while a falling ADL line suggests selling pressure. It can be used in conjunction with other technical indicators to develop a comprehensive trading strategy.
Feel free to add more details or modify the description to better suit your needs.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.