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.