OPEN-SOURCE SCRIPT
MFI Waves w Levels
Updated
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.
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 wellRelease Notes
Added Gradient option to waves and counter, to use uncheck Solid and check Gradient in Input SettingsRelease Notes
fixed color direction Release Notes
Added a baseline cross signal, this can be toggled On/OffAdded 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 publication is governed by House rules. You can favorite it to use it on a chart.
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