1. Added a visual symbol of an overbought/oversold threshold cross in the form of a red/green circle, respectively. Sometimes it can be hard to see when a cross actually occurs, and if your scaling isn't set up properly you can get misleading visuals. This way removes all doubt. Bear in mind they aren't meant as trading signals, so DO NOT use them as such. Research the MFI if you're unsure, but I use them as an early warning and that particular market/stock is added to my watchlist.
2. Added 60/40 lines as the MFI respects these incredibly well in trends. E.g. in a solid uptrend the MFI won't go below 40, and vice versa. Use the idea of support and resistance levels on the indicator and it'll be a great help. I've coloured the zones. Strong uptrends should stay above 60, strong downtrends should stay below 40. The zone in between 40-60 I've called the transition zone. MFI often stays here in consolidation periods, and in the last leg of a cycle/trend the MFI will often drop into this zone after being above 60 or below 40. This is a great sign that you should get out and start looking to reverse your position. Hopefully it helps to spot divergences as well.
3. Added alerts based on an overbought/oversold cross. Also added an alert for when either condition is triggered, so hopefully that's useful for those struggling with low alert limits. Feel free to change the overbought/oversold levels, the alerts + crossover visual are set to adapt.
Like any indicator, don't use this one alone. It works best paired with indicators/techniques that contradict it. You'll often see a OB/OS cross, and price will continue on it's way for many weeks more. But MFI is a great tool for identifying upcoming trend changes.
Any queries please comment or PM me.
Cheers, RJR
Информация о релизе
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V 1.1
Cleaned up the coding slightly.
Added support for multiple time frames (MTF). Script defaults to the current time frame, so if you want a different time frame uncheck the relevant box and enter your custom variable. It's been done this way to get around the fact that TradingView's default resolution input variable only supports a limited numbers of resolutions. If you want to use monthly time frames then use "XM", where X is the number of months. For daily time frames use "XD", where X is the number of days. For hourly/minute time frames use the total number of minutes - e.g. 4 hours should be entered as "240".
Always bear in mind that higher time frames will repaint until the relevant bar closes. This is logical if you think about it, so don't comment saying it repaints :)
Here's some cool things you can do with MTF (I like overlaying them on one panel):
Hi Man!
thanks a lot for MultiTime frame option,buuuut it doesnt work for me. I dont know why. I either can choose default TF or uncheck the box and chose other TF. But in any case i have only 1 (one) line, not 3 like on your screenshot (red, black blue)
whats wrong with me?
DreamsDefined
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@Dmitrykraken, Hey there. MTF should be working fine. That screenshot I posted of the different time-frames is just three copies of the indicator overlaid on one panel (add the indicator three times, then merge them into one panel and change the time-frames + line colouring to suit). I didn't make it a part of the indicator as it's not for everyone :)
@DreamsDefined, Just came across your indicator. It's great! But would love to see you update your code to overlay timeframes natively. In the meantime, how do I overlay 3 separate panels as you did above?
@cryptohal, literally drag and drop them onto each other or merge windows when right clicking with panel above or panel below but easier to drag the panels onto each other
WallStreetTradingRoom
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actually this is very nice wondering why not more postings its crazy I seen way less useful scripts with more people posting great job my man!
thanks a lot for MultiTime frame option,buuuut it doesnt work for me. I dont know why. I either can choose default TF or uncheck the box and chose other TF. But in any case i have only 1 (one) line, not 3 like on your screenshot (red, black blue)
whats wrong with me?