OPEN-SOURCE SCRIPT
Scalpy MFI
*Modified version of my Scalpy indicator replacing RSI with MFI*
It is made up of a 2 main parts.
- The cloud comprising of a 10 period SMA and a 30 period SMA .
- When the cloud is green you should be looking for long entries.
- When the cloud is red you should be looking for short entries.
- Price is most bullish above a green cloud and most bearish below a red cloud.
- Being within the cloud indicates indecision.
The red line represents the MFI
It is made up of a 2 main parts.
- The cloud comprising of a 10 period SMA and a 30 period SMA .
- When the cloud is green you should be looking for long entries.
- When the cloud is red you should be looking for short entries.
- Price is most bullish above a green cloud and most bearish below a red cloud.
- Being within the cloud indicates indecision.
The red line represents the MFI
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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