OPEN-SOURCE SCRIPT
Dziwne MFI Overlay (with highlight)
Updated
It is simply your traditional MFI, except that your 50 line became the actual price.
Why and how could it be useful? This indicator helps to spot more easily and efficiently divergences.
You could also use it for trend reversals as you usually do with your 50 line, but I would suggest to set a higher length for the MFI, like 155 or something like that.
Why and how could it be useful? This indicator helps to spot more easily and efficiently divergences.
You could also use it for trend reversals as you usually do with your 50 line, but I would suggest to set a higher length for the MFI, like 155 or something like that.
Release Notes
Updated. Calculations totally rethought. I also added the overbought and oversold areas on the graph (you can disable it).Release Notes
Changed the default mult value from 8 to 10.Release Notes
Added : — Source customisation (added it as an input and is now fully customisable)
— Easy color customisation (now available in the input menu, you can now create your own color scheme more easily)
— Possibility to hide OB and OS lines (added in the input section)
Minor changes :
— Translated the title parts in English to help understrand how everything is calculated more easily
— Renamed some variables to be more consistent in the code
— Changed the linewidth of the MF line to 1
— Changed the transparency of the highlight and background colors from 90 to 85 to be a tiny bit more visible
Removed :
— Removed EMA smoothing for more precision
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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