Altered MFI (Money Flow Index)
Often times it takes the power of two indicators for a scalping strategy to work really well for people. In this article blow I'm giving you an altered copy of the Money Flow Index which you can apply to many of the RSI Indicators released by CoffeeShopCrypto because of their specific way of calculating the RSI.
HOW TO SETUP:
In this particular strategy, its very simple to follow.
1. Apply the MFI To your indicator panel as an overlay (combined) over the Heiken Ashi Algo v6.
2. Make sure to MERGE the scale of both indicators onto the RIGHT SIDE of the panel.
3. Take trades according to the outline below.
HOW TO TAKE TRADES:
1. the MFI Lookback to 28
2. Set your RSI length to 14 (inside the Heiken Ashi Algo)
3. LONG TRADES:
When the MFI is above zero
The RSI is above the ribbon
Heiken Ashi Candle closes above the top of the ribbon while the Control line is GREEN
4. Short Trades
When the MFI is below zero
The RSI is below the ribbon
Heiken Ashi Candle closes below the bottom of the ribbon while the Control line is RED
Before taking any trades make sure you are making either higher highs or lower lows for the best confluence.
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Comments 13
Thanks for the upload, can't really see the box with the code of MFI though?
Yes, I was thinking the same thing. I thought I wasn't signed in or something.
Sorry about that. its fixed
fixed it
WWWWWWOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
Thanks for the update
Eric thanks for this strat. im using it with area w/breaks so i can see it better. omg i see my entries and exit much better now
This is really powerful, takes patience to let everything line up but when it does....all in with confidence!!
I think something changed because it gives a error
"4:31:01 PM The Pine version of this script is unspecified, so it will compile as Pine v1. To use another version of Pine, add '//@version={versionNumber}' to the top of the script. E.g., '//@version=5' for Pine v5.
4:31:01 PM Could not find function or function reference 'indicator'.
I'm thinking u copy pasted something incorrectly. Show me exactly what u pasted into the pine editor. Like give me the whole thing
everything thats in the box
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © CoffeeshopCrypto
// https://www.coffeeshopcrypto.net / http://www.tradingview.com
//This is a simple few lines of altered code of the MFI Money Flow Index to be used as a strategy overlay along with any RSI indicators created by CoffeeShopCrypto.
//This code is NOT of my creation and i take no credit for its origination and build. All I've done here is alter it slightly so it will fit scalping strategies.
///@version=5
indicator(title="Altered Money Flow Index", shorttitle="Altered MFI", format=format.price, precision=2, timeframe="", timeframe_gaps=true)
length = input.int(title="Length", defval=28, minval=1, maxval=200)
src = hlc3
mf = ta.mfi(src, length) - 50
plot(mf, "MF", color = mf > 0 ? color.rgb(33, 184, 243) : color.rgb(14, 27, 212), style = plot.style_histogram)
overbought=hline(80, title="Overbought", color=#787B86, display = display.none)
hline(50, "Middle Band", color=color.new(#787B86, 50), display = display.none)
oversold=hline(20, title="Oversold", color=#787B86, display = display.none)
fill(overbought, oversold, color=color.rgb(126, 87, 194, 90), title="Background", display = display.none)
I see the problem. remove just one " / " from this line
//@version=
there should be 2 forward slashes not 3
Interesting