OPEN-SOURCE SCRIPT
Updated MFI Divergence v2
Edited the RSI div indicator by Libertus to use MFI & show on candles. V2 update filters the divs using stochastic oversold & overbought & removes the lagging signals (they were offset back by 1 bar).
Default settings were tuned for xbtusd 1hr; works well if after a signal you wait for a stochastic indicator to stop being oversold or overbought, so if eg. you see a cluster of sell signals at a top, wait for the stoch to cross below 80 before entry. Please backtest before trading with this, DYOR NFA GLHF!
Default settings were tuned for xbtusd 1hr; works well if after a signal you wait for a stochastic indicator to stop being oversold or overbought, so if eg. you see a cluster of sell signals at a top, wait for the stoch to cross below 80 before entry. Please backtest before trading with this, DYOR NFA GLHF!
Release Notes
Alert conditions working now. To use them create an alert as usual then in the condition menu pick 'mfi divs' & either 'bull div' or 'bear div'.Release Notes
added ability to set lookback periods per timeframeOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.