This is a very simple indicator for quickly spotting points of momentum exhaustion and potential trend reversal. It is NOT a Buy or Sell signal. Instead, it tries to isolate periods of maximum risk and maximum opportunity.
Internally, it combines the RSI and MFI indicators to reduce noise and provide more accurate signals.
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.
