Altered MFI (Money Flow Index)

XAUUSD_2024-02-15_15-38-35_6b85e Heike Ashi Algo + MFI Combo

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

Lordkaan on Thursday, 15 February 2024 16:08

Thanks for the upload, can't really see the box with the code of MFI though?

Thanks for the upload, can't really see the box with the code of MFI though?
DVP808 on Thursday, 15 February 2024 16:19

Yes, I was thinking the same thing. I thought I wasn't signed in or something.

Yes, I was thinking the same thing. I thought I wasn't signed in or something.
CoffeeShopCrypto on Thursday, 15 February 2024 17:12

Sorry about that. its fixed

Sorry about that. its fixed
CoffeeShopCrypto on Thursday, 15 February 2024 17:12

fixed it

fixed it
cre80r on Thursday, 15 February 2024 19:50


WWWWWWOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO

:o :o :o :o :o :o :o :o :o :o :o :o :o :o :o :o :o :o :o :o :o WWWWWWOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
Jimbo75 on Thursday, 15 February 2024 21:25

Thanks for the update

Thanks for the update:D
Drethatrader on Thursday, 15 February 2024 23:13

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

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
Marrkk3 on Friday, 16 February 2024 15:43

This is really powerful, takes patience to let everything line up but when it does....all in with confidence!!

This is really powerful, takes patience to let everything line up but when it does....all in with confidence!!
CSCFoundation on Friday, 16 February 2024 19:31

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 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'.
CoffeeShopCrypto on Saturday, 17 February 2024 03:01

I'm thinking u copy pasted something incorrectly. Show me exactly what u pasted into the pine editor. Like give me the whole thing

I'm thinking u copy pasted something incorrectly. Show me exactly what u pasted into the pine editor. Like give me the whole thing
CSCFoundation on Saturday, 17 February 2024 06:54

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)

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 / 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)
CoffeeShopCrypto on Saturday, 17 February 2024 12:04

I see the problem. remove just one " / " from this line
//@version=

there should be 2 forward slashes not 3

I see the problem. remove just one " / " from this line //@version= there should be 2 forward slashes not 3
ps.125 on Sunday, 25 February 2024 09:25

Interesting

Interesting
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