Money Flow Index + Alerts

v10.3
Money Flow Index + Alerts

This is an adaptation for Prorealtime v 10.3 of an indicator of the Tradingview platform.

1. Added a visual symbol of an overbought/oversold threshold cross in the form of a red/green circle, respectively. Sometimes it can be hard to see when a cross actually occurs, and if your scaling isn’t set up properly you can get misleading visuals. This way removes all doubt. Bear in mind they aren’t meant as trading signals, so DO NOT use them as such. Research the Money flow Index  if you’re unsure, but I use them as an early warning and that particular market/stock is added to my watchlist.

2. Added 60/40 lines as the Money flow Index respects these incredibly well in trends. E.g. in a solid uptrend the Money flow Index won’t go below 40, and vice versa. Use the idea of support and resistence levels on the indicator and it’ll be a great help. I’ve coloured the zones. Strong uptrends should stay above 60, strong downtrends should stay below 40. The zone in between 40-60 I’ve called the transition zone. Money Flow Index  often stays here in consolidation periods, and in the last leg of a cycle/trend the Money Flow Index will often drop into this zone after being above 60 or below 40. This is a great sign that you should get out and start looking to reverse your position. Hopefully it helps to spot divergences as well.

3. Added alerts based on an overbought/oversold cross. Also added an alert for when either condition is triggered, so hopefully that’s useful for those struggling with low alert limits. Feel free to change the overbought/oversold levels, the alerts + crossover visual are set to adapt.

Like any indicator, don’t use this one alone. It works best paired with indicators/techniques that contradict it. You’ll often see a OB/OS cross, and price will continue on it’s way for many weeks more. But Money flow Index is a great tool for identifying upcoming trend changes.

Share this

Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

ProRealTime ITF files and other attachments : How to import ITF files into ProRealTime platform?

PRC is also on YouTube, subscribe to our channel for exclusive content and tutorials

  1. Barrabas15 • 06/26/2018 #

    Yo pondría las alertas (círculos) cuando vuelve a cruzar por debajo/arriba de los niveles de sobrecompra/sobreventa una vez han sido traspasados.

  2. bolsatrilera • 06/26/2018 #

    EM MONEY FLOW INDEX + ALERTS
    //@version=3
    // on platform Tradingview by DreamsDefined
    //adapted by platform Prorealtime v10.3 by bolsatrilera

    // This study is based on the work of TV user Beasley Savage (https://www.tradingview.com/script/g58H59ub-Money-Flow-Index-Beasley-Savage/)
    // and all credit goes to them.
    //
    // Changes I’ve made:
    //
    // 1. Added a visual symbol of an overbought/oversold threshold cross in the form of a red/green circle, respectively.
    // Sometimes it can be hard to see when a cross actually occurs, and if your scaling isn’t set up properly you can get
    // misleading visuals. This way removes all doubt. Bear in mind they aren’t meant as trading signals, so DO NOT use them as such.
    // Research the MFI if you’re unsure, but I use them as an early warning and that particular market/stock is added to my watchlist.
    //
    // 2. Added 60/40 lines as the MFI respects these incredibly well in trends. E.g. in a solid uptrend the MFI won’t go below 40,
    // and vice versa. Use the idea of support and resistance levels on the indicator and it’ll be a great help.
    // I’ve coloured the zones. Strong uptrends should stay above 60, strong downtrends should stay below
    // 40. The zone in between 40-60 I’ve called the transition zone. MFI often stays here in consolidation periods, and
    // in the last leg of a cycle/trend the MFI will often drop into this zone after being above 60 or below 40. This is a great
    // sign that you should get out and start looking to reverse your position. Hopefully it helps to spot divergences as well.
    //
    // 3. Added alerts based on an overbought/oversold cross. Also added an alert for when either condition is triggered, so hopefully
    // that’s useful for those struggling with low alert limits. Feel free to change the overbought/oversold levels, the alerts +
    // crossover visual are set to adapt.
    //
    // Any queries please comment or PM me.
    //
    // Cheers,
    // RJR

    //Inputs
    length = 14
    os = 20 // title = “Oversold”)
    ob = 80//title = “Overbought”)
    //MFI Calc
    hlc3 = (high+low+close)/3
    rawMoneyFlow = hlc3 * volume
    positiveMoneyFlow = 0.0

    if hlc3 > hlc3[1] then
    positiveMoneyFlow = positiveMoneyFlow + rawMoneyFlow
    else
    positiveMoneyFlow = positiveMoneyFlow
    endif

    negativeMoneyFlow = 0.0

    if hlc3 < hlc3[1] then
    negativeMoneyFlow = negativeMoneyFlow + rawMoneyFlow
    else
    negativeMoneyFlow = negativeMoneyFlow
    endif

    moneyFlowRatio = average [length](positiveMoneyFlow) /average[length](negativeMoneyFlow)

    mfi = 100 – 100 / (1 + moneyFlowRatio)

    if mfi crosses under os then
    drawtext("●",barindex,mfi,Dialog,Bold,10) coloured(0,255,0)
    endif

    if mfi crosses over os then
    drawtext("●",barindex,mfi,Dialog,Bold,10) coloured(0,0,0)
    endif

    if mfi crosses over ob then
    drawtext("●",barindex,mfi,Dialog,Bold,10) coloured(255,0,0)
    endif

    if mfi crosses under ob then
    drawtext("●",barindex,mfi,Dialog,Bold,10) coloured(0,0,0)
    endif

    h1 = 80 //"Overbought")
    h2 = 20 //"Oversold")
    h3 = 40 //"Bears")
    h4 = 60 //"Bulls")
    //(h4, h1, color=green, title="Uptrend")
    //(h3, h2, color=red, title="Downtrend")
    //(h3, h4, color=gray, title="Transition Zone")

    return mfi as "moneyflowIndex",h1 style(dottedline)as "h1",h2 style(dottedline)as "h2",h3 style(dottedline) as "h3",h4 style(dottedline)as "h4"

  3. Carlos Garcia • 06/26/2018 #

    Enorme. Gracias!

  4. Andraxx • 06/26/2018 #

    Buen indicador….
    Gracias

avatar
Register or

Likes

avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar

+9 more likes

Related users ' posts
NEOMKEY Magnífico !!!. Al menos para mí. Gran trabajo con tus aportes Iván. Mira a ver si le incluye...
Iván jajaja gracias :)
oliTR Very good Iván ! However what would be the modification to add to the code in order to dis...
Iván
9 months ago
Iván I personally like it in daily timeframe
oliTR Many thanks Ivan, I copy/paste your code to try it but could only get a constant stable unif...
Iván Hi, I've copied the code above and it works... what asset are you trying? $indices array ...
Razz Bonjour Je pense que votre indicateur est très bon. Serait-il possible d'afficher la heatma...
philippe59139 if marketEtHeamap=1 then drawtext("#touch#",barindex+10,checkprice,SansSerif,Standard,10) c...
philippe59139 voici pour toi RAZZ il te faut simplement ajouter les drawtext https://www.prorealcode.com...
JS
1 year ago
steffen_burat Hello Nicolas, I have a cumulative histogram update problem, the indicator often updates ...
taklause Hello Nicolas, if I try to use your indicator in a trading system, the error on prc pops up ...
Gio56 Bonjour Nicolas J'ai le meme souci que steffen , l'indicateur ne cumule qu'après avoir redé...
Rafa Hi Nicolas! I can´t install this indicator. it installs in a separate window not as an av...
Nicolas Add it on the price, see how: https://www.prorealcode.com/blog/video-tutorials/how-to-add-an...
Frankyslo1 No consigo instalarlo en el precio en PRL-version 10
Khaled As this section of the forum is in English, I'll reply in English. I'm using PRT v11, so I d...
sal157011 Don't understand where it says: "Volume Pressure Histogram: Columns plotted in positive are ...
Khaled Not sure to understand the question. However, the columns (Histogram) represent the variable...
Alai-n Cela fonctionne très bien !!! Super Merci
andreabarbuscia Ciao Nicolas, molto bello questo indicatore, l'ho apprezzato molto. Lo sto testando insieme...
Alai-n Je poste ici un lien afin de mieux appréhender le CVD-Cumulative Volume Delta : https://www....
Nicolas
3 years ago
DELBERT Bonsoir , Nicolas , j'ai transféré votre indicateur sur ma PRT 10,3 et j'ai un méssage d'ére...
Nicolas Vous pouvez essayer en remplacant la ligne avec: vwapsd = sqrt(average[lengthz](square(clo...
DELBERT Bonsoir , merci Nicolas , a bientôt .
ChemaGeek Bonjour Nicolas, j'ai récemment découvert cet indicateur (Regularized Momentum 2017) et je l...
YvesRobert Bonjour, nouveau sur PRT (qq jours), j'essaie un peu de voir quel type d'indicateur me convi...
Ichimoku Reading I don't know in this case, I just downloaded it again and no problem for me. Try to downloa...
Ichimoku Reading What's the error that appears ?
Suzu Yuk Yes, it worked with 1Tick with 200 K . Thank you very much.
Monobrow Hi Daniele Thank you for the indicator, it looks very good. However, I have a problem so...
avatar
Anonymous Thanks very much for sharing, look forward to testing this idea out.
mathiasKN Thank you Daniele for making this script, I know its been some time since the release but wo...
Barrabas15 Apparently, according to the attached data, there is an error in the indicator code. Attach...
Barrabas15 The files are at the end of the following link: https://www.prorealcode.com/topic/time-seg...
robertogozzi Thank you Barrabas15, the correct code is at https://www.prorealcode.com/topic/time-segmente...
Nicolas esta possible
bolsatonimora2 Hola Nicolas, perdona la molestia, pero podrias codificar el screener para rupturas de sopor...
Nicolas Utilice los foros para solicitar una codificación personalizada.
GARNIEPI hello I am looking for an anchored vwap intraday, indicator which allows you to visualize th...
withoutwings To be able to flexibly wrap around the full 24h (i.e. past midnight), or to use just a singl...
yeoreum Thank you very much for the screener, it reminds me on Minervini VCP. How to change th...
reecet any codes like this but in minutes and hours rather than days?
PHAN100 bonjour, je viens de tester ce screener, je constate une anomalie...il ne renvoie pas l'e...
jaginho Bonjour Vivien, je n'arrive pas à comprendre ce screener... En tout cas merci pour tes contr...
avatar
Anonymous Superb, merci!

Top